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by Stockwatch Business Reporter

New York spot gold lost $5.50 to $11.54.90 Monday, slipping after last week's $46 rise. The TSX Venture Exchange slid 19.03 points to 518.49 and the TSX Gold Index fell 9.67 points to 130.11.

Major Canadian gold miners followed bullion down. Agnico Eagle Mines Ltd. (AEM) dropped 1.73 to $32.74, Goldcorp Inc. (G) dropped $1.66 to $18.75, Barrick Gold Corp. (ABX) lost 95 cents to $9.57 and Eldorado Gold Corp. (ELD) lost 36 cents to $4.12.

Eldorado has indeed stopped all work at its Skouries/Olympias gold project Greece, where the Greek government revoked permits again last week. Eldorado has laid off 200 of its 2,000 workers so far, and warns that more layoffs are coming if the government does not change its mind shortly. Workers are protesting in support of their jobs, while other locals are protesting against the company.

Mark O'Dea's True Gold Mining Inc. (TGM) slipped one-half cent to 18 cents on 238,000 shares. Construction at the company's Karma gold mine in Burkina Faso is 62 per cent complete. True Gold has more than enough money to finance the remaining $60-million worth of expenditures, and it aims to pour its first gold in March, 2016. All-in cash costs are pegged at $720 an ounce, so the mine should be profitable. True Gold does not expect any more local disturbances, such as the one that happened in January. Then, the sheik of the nearby Ramatoulye mosque misunderstood the company's plans and convinced 2,000 pilgrims to storm Karma. They were at Ramatoulye to celebrate the birth of Mohammed. They caused $6-million in damages and forced the company to stop work for four months. True Gold has since created a community liaison committee, which comprises 80 local representatives, two of whom were appointed by the sheik, who seems to understand the plans for now.

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