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by Stockwatch Business Reporter

New York spot gold edged up 30 cents to $1,318.40 Friday, as the Group of Seven discussed the $18-billion rescue package the International Monetary Fund proposed for Ukraine. The IMF would extend the money over two years; it is meeting until Sunday. In Canada, the TSX Venture Exchange gained 4.09 points to 998.77, while the TSX Gold Index lost 2.12 points to 184.19.

Canadian gold miners ended the day down. Barrick Gold Corp. (ABX) slipped nine cents to $20.45, Goldcorp Inc. (G) lost 39 cents to $26.45, Yamana Gold Inc. (YRI) lost seven cents to $9.37 and Agnico Eagle Mines Ltd. (AEM) fell 29 cents to $34.03.

Jorge and Fernando Ganoza's Atico Mining Corp. (ATY) added two cents to 78 cents on a heavier-than-usual 3.40 million shares. The company is busy expanding its new gold mine, El Roble, in Colombia. It acquired the mine late last year, exercising its $14-million purchase option from Minera El Roble, a local private miner. Atico had spent the previous three years exploring around the mine to make sure there is still enough gold to extend the mine's life; it is already 60 years old. Atico has yet to reveal its first-quarter gold production, but the prior owner sold $10-million worth of gold bullion last year. Atico is hoping to do much better, especially after it completes its expansion to double the mine's processing capacity to 650 tonnes of ore a day. It hopes to finish later this year.

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