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by Stockwatch Business Reporter

New York spot gold closed down $3.70 to $1,121.70 Thursday. The TSX Venture Exchange rose 15.85 points to 545.55 and the TSX Gold Index added 5.33 points to 125.54.

Gold miners in Canada had an up day. Agnico Eagle Mines Ltd. (AEM) climbed $1 to $31.04, Barrick Gold Corp. (ABX) gained 33 cents to $9.05, Goldcorp Inc. (G) gained 62 cents to $18.08 and New Gold Inc. (NGD) added 21 cents to $2.80.

Goldcorp is acquiring New Gold's 30-per-cent free-carried interest in the El Morro gold project in Chile for $90-million cash. Then, Goldcorp will combine its El Morro project with Teck Resources Ltd.'s (TCK.B: $9.05) Relincho copper project 40 kilometres away in a 50-50 joint venture. The JV will be called Project Corridor and the companies plan to build a conveyor to transport El Morro ore to Relincho for processing. This will reduce infrastructure costs for both companies, especially since the JV will need to build only one desalinization plant in the Chilean desert. Goldcorp would also be able to scrap its planned tailings area, because all tailings would be dealt with at Relincho. This should please the Diaguita tribe, which has been complaining about El Morro tailings destroying their sacred land and polluting their sacred watersheds. Goldcorp has spent over $255-million at El Morro so far, but the project is currently stalled. The Chilean Supreme court revoked the company's environmental permit last fall, ordering the company to consult with the Indians. The Diaguita is the same tribe that helped stall Barrick's Pasua Lama gold project on the Chile-Argentina border. They have yet to complain about Teck's Relincho project.

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