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by Stockwatch Business Reporter

New York spot gold fell $5.40 to $1,249.60 on Tuesday. The TSX Venture Exchange rose 3.08 points to 763.77 while the TSX Gold Index added 1.78 points to 189.61. Most Canadian golds fell back today, although Barrick Gold Corp. (ABX) leapt 76 cents to $20.05 on 6.42 million shares. Klondex Mines Ltd. (KDX) led the retreat. It slipped 19 cents to $3.91 on 989,000 shares.

George Faught and Phillip Walford's Marathon Gold Corp. (MOZ), down one cent to 63 cents on 15,000 shares, has received assays of up to 5.4 grams of gold per tonne over 20 metres from one of the two latest holes drilled at the Marathon deposit on its Valentine Lake gold project in central Newfoundland. As well, the company has encountered high-grade gold from new drilling at the nearby Leprechaun deposit, with hits of up to 25.88 grams per tonne over three metres from one of two new holes completed there.

Mr. Walford, president and chief executive officer, says that drilling at both deposits continues to yield excellent results, building both open-pit and underground resources. The gold system at Valentine Lake is over 20 kilometres long and has the potential to extend to more than 1,000 metres in depth. With the company's 60,000-metre drill program just under way, Mr. Walford says he and his crew "anticipate releasing more exciting drilling results over the next few months." (Three rigs are currently working at Marathon, the fourth at Leprechaun.)

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