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by Stockwatch Business Reporter

New York spot gold closed up $1.30 to $1,174.20 Friday, ending the week down $26. The TSX Venture Exchange slipped a fraction of a point to 679.38 and the TSX Gold Index lost a fraction to 151.85.

Gold miners in Canada had a down day. Goldcorp Inc. (G) lost 13 cents to $20.32, Detour Gold Corp. (DGC) lost eight cents to $14.40, Iamgold Corp. (IMG) dropped nine cents to $2.68 and Yamana Gold Inc. (YRI) shed six cents to $3.73.

Randy Reifel's Chesapeake Gold Corp. (CKG) went in the other direction, climbing eight cents to $2.01 on 7,000 shares. The company hopes to release an updated prefeasibility study for its Metates project in Mexico later this summer. Two years ago, Chesapeake said a mine at Metates would cost $4-billion to build. The deposit is large -- with 18.5 million ounces of gold proven and probable -- but $4-billion is just too high a price tag now that the price of gold has fallen. Chesapeake does not plan to build the mine itself, so it has spent the past couple of years trying to bring down costs, in hopes of attracting a bidder. Finding a reliable supply of water at a manageable cost was a problem, until today. Chesapeake now says that it will be able to build a desalinization plant and use seawater. Now that the agua problem is solved, the company can continue working on a smaller, phased mine plan with its $23-million in working capital.

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