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by Stockwatch Business Reporter

New York spot gold closed up $2.20 to $1,190 Friday, ending the week down $16 and the month up $6. The TSX Venture Exchange rose a fraction to 692.45 and the TSX Gold Index slipped a fraction to 165.42.

Major Canadian gold miners ended some up, others down. Agnico Eagle Mines Ltd. (AEM) rose 11 cents to $40.02, New Gold Inc. (NGD) rose nine cents to $4.04, Barrick Gold Corp. (ABX) dropped 20 cents to $14.72 and Goldcorp Inc. (G) lost six cents to $22.08.

Akash Patel's gold mining hopeful, Discovery Ventures Inc. (DVN), climbed 4.5 cents to 14.5 cents on 1.42 million shares. The company has arranged $7-million in loans from Dan Omeniuk, an investor from Winnipeg. After the financing, Mr. Omeniuk plans to move to British Columbia, join Discovery's board and take over as either president or chief executive officer. He has no mining experience, but he does have a private company, Trapper Transport Ltd., which he founded in 1985. Trapper specializes in trucking time-sensitive, temperature-controlled products such as food. It has also moved mounted trophy animals and automobile engine prototypes. Now Mr. Omeniuk will try his hand at bringing Discovery's Willa-Max gold project near Silverton, B.C., to production. Willa is an old gold mine and Max is an old molybdenum mill; the plan is to send any remaining Willa ore to Max for processing. Discovery hopes to produce at least 100,000 ounces of gold. Before it can do this however, the company needs to raise around $12-million. Mr. Patel, a former public accountant and tax consultant, had been having difficulty raising money. Today's $7-million financing is a good start.

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