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by Stockwatch Business Reporter
New York spot gold fell $17.30 to $1,328.70 on Tuesday. The TSX Venture Exchange gained 2.65 points to 832.82 while the TSX Gold Index dipped 4.20 points to 183.21. Endeavour Mining Corp. (EDV) led Canadian gold miners lower today, dropping $1.16 to $22.61 on 253,000 shares. China Gold International Resources Corp. Ltd. (CGG) was strong. It added 19 cents to $2.66 on 766,000 shares.
Michael Allen and Douglas Hurst's Northern Empire Resources Corp. (NM), down two cents to $1.34 on 225,000 shares, has received assays of up to 6.07 grams of gold per tonne over 7.92 metres at its Sterling project in Nevada, a hit helped by a 0.73-metre interval that averaged 17.9 grams per tonne. (A second hole averaged 2.44 grams per tonne over 3.9 metres and a third produced 0.42 gram per tonne over 3.75 metres.) The assays are from three holes drilled into what Mr. Allen, president and chief executive officer, calls the "new high-grade, near-surface zone" at Sterling. The near-surface descriptor is accurate -- the mineralization was encountered less than one metre below surface in the best of the three holes -- but Northern Empire is using a Howe Street version of its high-grade claim that equates to "better than we averaged elsewhere."
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