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by Stockwatch Business Reporter

New York spot gold fell $7.10 to $1,281.60 on Monday. The TSX Venture Exchange gained 1.83 points to 764.64 while the TSX Gold Index lost 1.94 points to 197.47. Most Canadian golds were lower today, although Premier Gold Mines Ltd. (PG) rose seven cents to $3.39 on 1.17 million shares. Barrick Gold Corp. (ABX) lost 32 cents to $21.27 on 4.68 million shares.

Andrew Lee Smith's East African Metals Inc. (EAM), down one-half cent to 28.5 cents on 426,000 shares, has received assays of up to 53.32 grams of gold per tonne over 5.89 metres at the Mato Bula deposit on its Adyabo project in Ethiopia. A second hit averaged 8.9 grams of gold per tonne over 10.26 metres. The assays are the last of the results from the company's infill drilling program at Mato Bula. The company is also completing metallurgical work ahead of a resource update planned for late this year.

The company's current resource estimate for Adyabo, calculated in the spring of 2016, listed 3.22 million tonnes indicated at 3.92 grams of gold and 1.4 grams of silver per tonne accompanied by 0.24 per cent copper, with another 5.93 million tonnes inferred at 1.43 grams of gold and 2.9 grams of silver per tonne, plus 0.5 per cent copper. In all, Adyabo holds 680,000 ounces of gold, 690,000 ounces of silver and 82.5 million pounds of copper.

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