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by Stockwatch Business Reporter

New York spot gold closed down $7.90 to $1,178 Tuesday. The TSX Venture Exchange edged up a fraction of a point to 683.20 points and the TSX Gold Index rose a fraction to 153.30.

Some Canadian gold miners ended the day higher while others ended down. Goldcorp Inc. (G) gained 46 cents to $20.46, Kinross Gold Corp. (K) added three cents to $2.82, Agnico Eagle Mines Ltd. (AEM) dropped 12 cents to $37.11 and Detour Gold Corp. (DGC) dropped 17 cents to $14.72.

Rob McEwen's McEwen Mining Inc. (MUX) remained unchanged at $1.18 on 44,000 shares. The company has some good news: its El Gallo mine in Mexico produced over 15,000 ounces of gold equivalent in the second quarter, exceeding production targets. This means that the company should meet its 2015 El Gallo target (50,000 ounces) in spite of the 7,000-ounce robbery in April. McEwen attributes the increase in production to higher-grade ore and improved recoveries. It has said little about the robbery. Authorities are still investigating and they suspect it was an inside job because no El Gallo workers were harmed. McEwen has one other gold mine, San Jose, in Argentina, where the company aims to produce 90,000 ounces of gold equivalent this year. Chief owner -- that is his title -- McEwen owns 74.7 million shares or 25 per cent of the company, an investment that has fallen by $158-million in value over the past year. Mr. McEwen is known for taking zero fees, but the company does pay its other executives well. Last year, it paid chief operating officer William Faust, for example, $300,000 in salary. This is the same amount Mr. McEwen used to receive at Goldcorp, which he left in 2005 to start McEwen Mining's predecessor, U.S. Gold Corp. He has not taken fees since, believing instead in the traditional formula of build the company, get rich. In recent years, this formula has been perverted by promoters rewarding themselves with colossal salaries before much company building takes place.

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