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by Stockwatch Business Reporter

New York spot gold closed up $8.30 to $1,133.80 Friday, ending the week down $26. The TSX Venture Exchange rose 10.12 points to 555.67 and the TSX Gold Index rose 4.61 points to 130.15.

Canadian gold miners ended the day up. Goldcorp Inc. (G) gained 39 cents to $18.47, Barrick Gold Corp. (ABX) rose 39 cents to $9.44, Yamana Gold Inc. (YRI) gained 10 cents to $2.59 and Iamgold Corp. (IMG) added 16 cents to $2.25.

Randall Oliphant's New Gold Inc. (NGD) gained 20 cents to $3 on 3.68 million shares. Yesterday, New Gold arranged to sell its 30-per-cent free-carried interest in Goldcorp's El Morro gold project in Chile to Goldcorp for $90-million. This will boost New Gold's working capital to over $550-million. The miner has been trying to keep all-in cash costs down this year. They crept up to $922 an ounce in the second quarter from $745 a year earlier. New Gold has four gold mines: Peak in Australia, Mesquite in Arizona, Cerro San Pedro in Mexico and New Afton in British Columbia. Peak and Mesquite are the ones causing problems with all-in cash costs over $1,500 an ounce. Fortunately, New Afton has all-in cash costs of negative $235 an ounce, thanks to byproduct credits from copper. The company is building a fifth gold mine at the Rainy River gold project in Ontario, where production is scheduled for 2017.

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