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by Stockwatch Business Reporter

New York spot gold closed down 20 cents to $1,187.80 Thursday. The TSX Venture Exchange rose 1.54 points to 692.16 and the TSX Gold Index rose 2.29 points to 165.81.

Gold miners in Canada ended the day mostly higher. Agnico Eagle Mines Ltd. (AEM) gained 83 cents to $39.91, Goldcorp Inc. (G) rose 24 cents to $22.14, Eldorado Gold Corp. (ELD) rose nine cents to $6 and Yamana Gold Inc. (YRI) remained unchanged $4.48.

Patrick Sheridan Jr.'s Guyana Goldfields Inc. (GUY) climbed seven cents to $3.70 on 886,000 shares. The company is nearing gold production at its Aurora gold project in Guyana. Construction is 85-per-cent complete, and there is only $44-million in spending (of a total $249-million) left to go. The company has more than enough money with $52-million. Goldfields aims to produce 50,000 ounces of gold this year, and up to 140,000 ounces next year. This is only phase one of production. Phase two will take a $150-million expansion, paid for by gold revenue. Cash costs at Aurora are pegged at $698 an ounce all-in, which has helped the stock up from $1.50 last year. It still has a way to climb if it wants to make a full recovery. For most of 2010 and 2011 it was trading over $11. In February, 2012, Goldfields dropped to $2 on news that the Aurora mine would cost $990-million, more than triple the first projections. The company needed to rethink production, and it created a phased approach. Aurora is deep in the jungle, so Goldfields must build an expensive road and airstrip, but other things, such as its port, power lines and water lines, can wait until after production.

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