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by Stockwatch Business Reporter

New York spot gold lost $1.30 to $1,087.50 on Tuesday. The TSX Venture Exchange lost 4.70 points to 480.37 while the TSX Gold Index dropped 6.72 points to 124.90. Some Canadian gold miners fell sharply today. Iamgold Corp. (IMG) dropped 25 cents to $1.68 on 2.90 million shares while Kinross Gold Corp. (K) dropped 21 cents to $2 on 10.05 million shares.

Bradford Cooke and Catalin Chiloflischi's Canarc Resources Corp. (CCM), down one cent to five cents on 52,000 shares, has a preliminary economic assessment of its El Compas project in Mexico. Mr. Chiloflischi, the company's chief executive officer, says the study clearly indicates that the project "has the potential to be an economically robust, low-cost, high-margin, rapid-payback project" even at lower metal prices, thanks in part to its "high grades, low costs and low capital expenditure requirements." (He did not say what other factors led to his adjectival burst of enthusiasm, but they likely had something to do with low costs.)

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