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by Stockwatch Business Reporter

New York spot gold lost $8.50, closing at $1,207.80 on Friday. The TSX Venture Exchange gained 4.23 points to 746.67 while the TSX Gold Index lost 0.82 point to 193.72. Most Canadian golds were lower today. Richmont Mines Inc. (RIC) one of the few gainers yesterday, was off 32 cents to $8.98 on 549,000 shares. Klondex Mines Ltd. (KDX) was one of a few gainers. It gained 21 cents to $6.44 on 1.47 million shares.

Alastair MacLennan and Ian Klassen's GMV Minerals Inc. (GMV), up one cent to 45 cents on 67,000 shares, has begun drilling at its Mexican Hat gold project in southeastern Arizona. The 14-hole reverse-circulation program is designed to expand an existing resource toward the west, south and east, as well as at depth. (Previous drilling tested to just 200 metres; the new holes will reach 300 metres.) Mexican Hat currently hosts 23.45 million tonnes at 0.70 gram of gold per tonne, or just over 530,000 ounces.

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