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by Stockwatch Business Reporter

New York spot gold closed up $1.40 to $1,087.50 Tuesday. The TSX Venture Exchange lost 4.43 points to 589.88 and the TSX Gold Index lost 3.13 points to 119.73.

Most Canadian gold miners ended the day down. Barrick Gold Corp. (ABX) dropped 28 cents to $8.97, Detour Gold Corp. (DGC) dropped 17 cents to $12.52 and Iamgold Corp. (IMG) lost 15 cents to $1.84, while Goldcorp Inc. (G) rose eight cents to $17.53.

Patrick Sheridan Jr.'s Guyana Goldfields Inc. (GUY) rose 11 cents to $3.74 on 454,000 shares, after the company poured its first gold at its Aurora gold mine in Guyana. The company aims to produce 50,000 ounces of gold this year and up to 140,000 next year. All-in cash costs are pegged at a profitable $698 an ounce. Guyana Goldfields paid chairman Sheridan $455,000 in salary last year; it paid president Scott Caldwell $623,000. He has been with the company since 2013, during which time he has helped raise over $229-million and start gold production. When president Caldwell first joined the company, in June, 2013, he had just been fired from his previous position as president of Bob Buchan's now-bankrupt Allied Nevada Gold Corp. Mr. Caldwell spent six years at Allied, the first five of which were good, but the last was a disaster. The stock tumbled to $5 from $40, thanks to problem after problem at the company's Hycroft gold mine in Nevada. Since joining Guyana Goldfields, however, he has helped boost the stock to $3.74 from $1.40. It still has a steep hill to climb if it wants to make a full recovery. For most of 2010 and 2011, Guyana Goldfields was trading over $11. It dropped to $2 in early 2012 on news that the cost of the Aurora mine had tripled to $990-million. The company redesigned production into a phased approach. Phase one is now done; phase two will cost $150-million.

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