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by Stockwatch Business Reporter

New York spot gold closed up $5.60 to $1,130.30 on Wednesday. The TSX Venture Exchange gained 4.07 points to 545.41 while the TSX Gold Index fell 0.55 point to 119.83. Canadian gold miners had a so-so day. Detour Gold Corp. (DGC) gained 27 cents to $13.72 on 1.34 million shares and Agnico Eagle Mines Ltd. (AEM) added 28 cents to $30.82 on 766,000 shares, while Barrick Gold Corp. (ABX) went the other way, dropping 19 cents to $7.90 on 6.23 million shares.

Eira Thomas's Kaminak Gold Corp. (KAM), down one cent to 82 cents on 700,000 shares, has an updated resource estimate for its Coffee gold project in west-central Yukon. It now has 52.4 million tonnes indicated at 1.68 grams of gold per tonne with another 42.7 million inferred at 1.52 grams per tonne: a total of 2.8 million indicated and 2.1 million inferred ounces. (The regulators object to promoters summing the two -- indicated and inferred are akin to apples and oranges for arithmetic purposes -- but investors without such qualms will point out that Coffee now hosts nearly five million ounces of juicy fruit waiting to be plucked.) Kaminak will reveal the method and the economics of that plucking in a feasibility study that Ms. Thomas expects to wrap up early next year. A preliminary economic assessment, completed in mid-2014, was based on an 11-year mine projected to produce under two million ounces. The dream sheet gave the project a discounted net present value of $330-million after taxes, based on a $305-million mine plan.

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