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by Stockwatch Business Reporter

New York spot gold slumped $24.30 to $1,263.40 on Monday. The TSX Venture Exchange lost 11.52 points to 657.42 while the TSX Gold Index fell 12.83 points to 215.78. Canadian gold miners fell hard today. Barrick Gold Corp. (ABX) lost $1.31 to $22.52 on 5.79 million shares while Yamana Gold Corp. (YRI) lost 44 cents to $5.63 on 7.58 million shares.

Peter Akerley's Erdene Resource Development Corp. (ERD), up 12 cents to 45 cents on 1.26 million shares, has received high-grade assays from the Striker zone at its Bayan Khundii gold project in southwestern Mongolia. The assays, from the first seven holes of a spring drilling program, included a 63-metre hit that averaged 5.31 grams per tonne. Erdene ran its first drill program at the central zone of Bayan Khundii late last year, completing 15 angled holes to depths of between 30 and 70 metres. Three of the holes encountered high-grade gold in the Striker zone, including 27.5 grams per tonne over 7.0 metres, 5.9 grams per tonne over 26 metres and 5.7 grams per tonne over 25 metres.

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