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by Stockwatch Business Reporter

New York spot gold jumped $8.30 to $1,242.00 on Monday. The TSX Venture Exchange rose 1.39 points to 763.71 while the TSX Gold Index added 0.42 point to 191.05. Richmont Mines Inc. (RIC) led the advance, gaining 40 cents to $10.44 on 703,000 shares. Klondex Mines Ltd. (KDX) led the retreat. It dipped nine cents to $4.19 on 1.15 million shares.

Albert Matter and James Anderson's NuLegacy Gold Corp. (NUG), up two cents to 20.5 cents on 787,000 shares, has found a new target on its Red Hill project in Nevada. The new anomaly, called Western Slope, has the same geological characteristics as the company's Iceberg gold deposit, says Dr. Roger Steininger, the company's chief geoscience officer. He helpfully -- or at least hopefully -- points out that Carlin-type gold deposits occur in clusters and stacks. Therefore, he suggests there is "the very real possibility" for another Iceberg discovery. Dr. Steininger and his crew say that Western Slope is buried by subsequent deposits of volcanic rocks and so a thicker zone of the target host rock may be present than at Iceberg, where a portion was eroded away.

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