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by Stockwatch Business Reporter

New York spot gold closed up $1.80 to $1,209.80 Wednesday. The TSX Venture Exchange rose a fraction of a point to 695.42 and the TSX Gold Index rose a fraction to 167.50.

Gold miners in Canada ended the day some down, others up. Goldcorp Inc. (G) lost 18 cents to $22.58, Yamana Gold Inc. (YRI) lost three cents to $4.67, Detour Gold Corp. (DGC) added two cents to $13.34 and Agnico Eagle Mines Ltd. (AEM) added 23 cents to $40.

Robert Hinchcliffe's Galway Metals Inc. (GWM), up one cent to 14 cents on 14,000 shares, is trying to fight off a group of dissidents led by Vic Alboini and his Jaguar Financial Corp. (JFC: $0.015). Jaguar is undoubtedly eyeing Galway's $11-million in working capital. The money is left over from the $12-million Galway received in 2012, when it was spun out of Mr. Hinchcliffe's previous company, Galway Resources Inc. (Eike Batista's AUX Canada Inc. bought that one for $340-million.) Galway Metals also received the Vitorio tungsten-moly property in New Mexico, but it wrote it off last year. The company has been trying to find a new project, and has reviewed hundreds of properties, but its pace is not pleasing Mr. Alboini. He owns 6.76 million shares, or 11.8 per cent of the company. He is particularly upset with Mr. Hinchcliffe's pay. He receives a salary of $200,000 a year for only 50 per cent of his time. He spends the other half running Galway Gold Inc. (GLW: $0.085), where he receives $290,000.

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