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by Stockwatch Business Reporter

New York spot gold closed down $25.10 to $1,309.60 Monday, dropping to a four-week low after several reports showed an improving United States economy. Also today, President Barack Obama and other world leaders kicked Russia out of the G8. Here in Canada, the TSX Venture Exchange lost 15.63 points to 1,019.14 and the TSX Gold Index lost 8.54 points to 189.41.

Canada's gold miners fell with gold. Agnico Eagle Mines Ltd. (AEM) dropped $2.06 to $34.53, Barrick Gold Corp. (ABX) dropped $1.01 to $20.75, Iamgold Corp. (IMG) lost 30 cents to $4.03 and Yamana Gold Inc. (YRI) slipped 34 cents to $10.17.

Howard Miller's Avnel Gold Mining Ltd. (AVK) added five cents to 19 cents on 77,000 shares, after the company released a preliminary economic assessment for its Kalana gold property in Mali. A mine at Kalana would cost $188-million to build, and it would be profitable even at lower gold prices. If gold slipped to $1,100 an ounce, Kalana's NPV would be $276-million, down from $424-million at today's prices. President Miller is pleased, and will get to work right away on a prefeasibility study. Kalana used to be under option to Iamgold, but that option automatically expired on March 1, 2013, when the major failed to deliver an updated resource estimate. Iamgold says it stopped work after disappointing results from its 2012 drill program. The company spent $39-million drilling 150,000 metres at Kalana between 2009 and 2012. It is still optioning Avnel's property to the south, Fougoudian. Iamgold drilled 30,000 metres there in 2013, and budgets another 15,000 metres for 2014.

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