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by Stockwatch Business Reporter

New York spot gold gained $14.00 to $1,121.90 on Tuesday. The TSX Venture Exchange gained 6.97 points to 489.58 while the TSX Gold Index gained 4.44 points to 136.46. Canadian gold miners had a good day. New Gold Corp. (NGD) gained 29 cents to $3.27 on 3.44 million shares and struggling Iamgold Corp. (IMG) recovered 15 cents to $1.98 on 1.94 million shares.

Luc Lessard's Falco Resources Ltd. (FPC), up 6.5 cents to 36 cents on 278,000 shares, has a new resource estimate for its Horne 5 gold project in the Rouyn-Noranda area of Quebec. The company now has 58.3 million tonnes indicated at 1.82 grams of gold, 15.6 grams of silver, 0.20 per cent copper and 1.0 per cent zinc, with another 12.7 million tonnes inferred at 2.10 grams of gold, 26.26 grams of silver, 0.22 per cent copper and 0.57 per cent zinc. In all, Horne 5 now hosts over 4.2 million ounces of gold, and a combined 6.6 million equivalent ounces of gold. That is a big jump from the company's maiden resource estimate, declared two years ago in which it listed 25.3 million tonnes inferred holding 2.8 million equivalent ounces of gold.

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