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by Stockwatch Business Reporter

New York spot gold gained $3.60 to $1,310.70 on Tuesday. The TSX Venture Exchange gained 0.97 point to 777.75 while the TSX Gold Index added 0.55 point to 198.80. McEwen Mining Inc. (MUX) slumped 29 cents to $2.70 on 2.78 million shares on word it is selling 18 million shares at $2.25 in a bought-deal financing. Tahoe Resources Inc. (THO) moved higher, adding 18 cents to $6.93 on 3.28 million shares.

Fred Stanford's Torex Gold Resources Inc. (TXG) jumped 56 cents to $19.86 on 881,000 shares. Torex has received assays of up to 41.4 grams of gold and 43.4 grams of silver per tonne plus 2.1 per cent copper over 19.3 metres from a 40-metre stepout hole at its El Limon-Guajes mine in southwestern Mexico. Several other stepouts, up to 240 metres from the existing resource, recorded noteworthy assays. Torex also gained encouragement from infill drilling, which produced up to 32.2 grams of gold and 33.1 grams of silver per tonne plus 1.6 per cent copper across 29.3 metres. Mr. Stanford, president and chief executive officer, says the results "certainly confirm the potential for additional resources" northwest of the current resource area. He says that stepout drilling will continue in all directions.

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