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by Stockwatch Business Reporter

New York spot gold jumped $20.20 to $1,341.90 on Monday. The TSX Venture Exchange rose 17.38 points to 747.82 while the TSX Gold Index added 10.69 points to 263.32. Canadian gold miners were strong today, with several posting significant gains. Among them, Alacer Gold Corp. (ASR) jumped 56 cents to $3.64 on 1.98 million shares and Kinross Gold Corp. (K) added 60 cents to $6.94 on 8.80 million shares.

Joseph Campbell's Terrax Minerals Inc. (TXG), up 10 cents to $2.41 on 6.47 million shares, is planning to offer 17.5 million flow-through shares at 40 cents. The $7-million to be raised will be spent on an "aggressive drill program" planned for this winter on new targets at the company's Yellowknife City gold project, says Mr. Campbell, president and chief executive officer. Terrax is currently conducting preliminary exploration on the project to identify new high-grade zones such as its recently discovered Mispickel deposit, which yielded assays of up to 60.6 grams of gold per tonne over eight metres just last month. Drilling will resume in a few weeks at Mispickel. (The name is a reference to the German word for arsenopyrite, not the daughter of Mr. Pickel, perhaps some long-forgotten prospector.)

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