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by Stockwatch Business Reporter

New York spot gold lost $1.60 to $1,230.60 on Monday. The TSX Venture Exchange rose 8.01 points to 659.36 while the TSX Gold Index dipped 0.40 point to 165.88. Agnico Eagle Mines Ltd. (ABX) traded actively. It followed bullion lower, dropping $1.27 to $47.56 on 1.46 million shares. Detour Gold Corp. (DGC) was strong. It added 27 cents to $10.50 on 1.05 million shares.

John McCluskey's Alamos Gold Inc. (AGI), up 12 cents to $5.20 on 1.66 million shares, has received assays of up to 118.58 grams of gold per tonne over a true width of 6.66 metres at its Island gold mine, northeast of Wawa in Northern Ontario. That noteworthy hit occurred in the Main Extension zone, which has now been extended through drilling by nearly 1,000 metres to the east of the current mine workings. The assays also showed high-grade hits in the Western Extension and Eastern Extension zones.

Mr. McCluskey, president and chief executive officer, says that "island gold continues to impress," pointing to a recent increase in the reserves and resources delineated so far. He says that continuing exploration success across all three extension zones has been encouraging, adding that the assays "demonstrate strong potential for this to continue." The most recent calculations, revealed in September, credited Island with a reserve of 2.79 million tonnes at 10.69 grams per tonne, or nearly one million ounces. An additional 806,000 tonnes are measured and indicated at 8.32 grams per tonne, and 3.67 million tonnes are inferred at 9.99 grams per tonne, providing an additional 1.4 million ounces of gold.

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