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by Stockwatch Business Reporter
New York spot gold closed down $8.70 to $1,124.70 on Tuesday. The TSX Venture Exchange fell 8.42 points to 541.34 while the TSX Gold Index dropped 5.82 points to 120.31. Canadian gold explorers were adrift in a sea of red today. Not even an upgrade to "outperform" could save the day for Yamana Gold Corp. (YRI). It lost 17 cents to $2.16 on 4.02 million shares. Barrick Gold Corp. (ABX) slid 63 cents to $8.09 on 5.32 million shares.
Dan Omeniuk and Akesh Patel's Discovery Ventures Inc. (DVN), down one-half cent to 15 cents on 427,000 shares, has paid $130,000 to acquire a 100-per-cent interest in the Willa property in southeastern British Columbia. This is much less than the $3-million in cash and seven million shares originally required, but Discovery must have the project in production within five years or it will have to return the project to the vendors. The company will have to step up the pace dramatically in its plan to use the Max molybdenum plant, which it is also acquiring, to process rock from Willa. Willa has "been developed over time" to the tune of $18-million, but that time began in the late 1800s and generations of geologists have contributed to the cumulative expenditures. (This could be a reason for the deadline.)
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