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by Stockwatch Business Reporter

New York spot gold closed up $10.30 to $1,104.10 Monday. The TSX Venture Exchange rose 6.33 points to 582.93 and the TSX Gold Index added 6.91 points to 127.63.

Gold miners in Canada followed bullion higher. Barrick Gold Corp. (ABX) climbed 66 cents to $9.90, Goldcorp Inc. (G) climbed $1.01 to $18.66, Kinross Gold Corp. (K) gained 23 cents to $2.66 and Iamgold Corp. (IMG) added nine cents to $2.14.

Conrad Swanson and Dwayne Melrose's Gold Reach Resources Ltd. (GRV) remained unchanged at 17.5 cents on 8,000 shares. The company was in trouble with the British Columbia Securities Commission because six months ago it reported a combined measured and indicated resource -- 598,000 ounces of gold and 174 million pounds of copper -- for its Ootsa property in B.C. To comply with NI 43-101 standards, companies must report these numbers separately. Today it did so in a very long press release retracting each and every previous mention of the unmentionable combined figures. Gold Reach has around $1-million in working capital, thanks in part to new president Melrose. He helped raise $512,000 in May, subscribing for $100,000 of the financing himself. He now owns 514,000 shares, and is entitled to $275,000 a year. Mr. Melrose received $585,000 last year at his previous job, president of Mark O'Dea's True Gold Mining Inc. (TGM: $0.18). There, Mr. Melrose helped True Gold win over government officials and locals in Burkina Faso, as Mr. O'Dea raised $200-million to build the Karma gold mine. Mr. Melrose even managed to make friends with the country's president, Blaise Compaore, however that relationship soured last November, when a military coup ousted president Compaore. The locals then turned on True Gold, and in January they stormed the Karma site, causing $6-million in damages. True Gold fired Mr. Melrose, not because he had done a bad job, but because his previously valuable connections were no longer of much value. The company resumed building its mine in May. It hopes to pour its first Karma gold next spring.

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