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by Stockwatch Business Reporter

New York spot gold closed up $9 to $1,301.90 Thursday, rising after the European Central Bank said it will print 60 billion euros a month starting in March. The news sent the euro to an 11-year low against the U.S. dollar. Here in Canada, the TSX Venture Exchange lost a fraction of a point to 678.97 and the TSX Gold Index lost a fraction to 190.13.

Major Canadian gold miners ended the day inconsistently. Barrick Gold Corp. (ABX) added 18 cents to $15.87, Kinross Gold Corp. (K) added seven cents to $4.45, Goldcorp Inc. (G) lost 14 cents to $30.03 and Yamana Gold Inc. (YRI) lost six cents to $5.28.

Paul Huet's Klondex Mines Ltd. (KDX) rose 13 cents to $2.65, a 3.5-year high, on 1.13 million shares. The gold miner produced 90,790 ounces of gold equivalent last year, 20,000 ounces over target, thanks to high-grade ore from its Fire Creek gold mine in Nevada. Klondex projects 125,000 ounces of gold equivalent in 2015. Cash costs are low at around $620 an ounce, dropping to $465 after byproduct credits, which is why the stock has been climbing with the price of gold this year. Klondex has risen from $1.80 last month, ending up all but one day in January. The company sends its Fire Creek ore to its Midas mill, 160 kilometres away, for processing. It acquired Midas, which president Huet calls, "the Cadillac of mills," from Newmont Mining last February for $83-million. The mill can handle up to 1,200 tonnes of ore a day, or about triple the amount of ore it receives from Fire Creek. To take advantage of the extra capacity, president Huet has signed toll milling agreements with two clients, French Gulch Nevada Mining Corp. and LKA Gold Inc., and is searching for more.

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