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by Stockwatch Business Reporter

New York spot gold closed up $5 to $1,168.90 Tuesday. The TSX Venture Exchange gained 1.12 points to 553.38 while the TSX Gold Index fell 2.61 points to 137.55. Canadian gold miners lost ground today, some more than others. Yamana Gold Inc. (YRI) fell 14 cents to $3.08 on 5.43 million shares, while Kinross Gold Corp. (K) fell 16 cents to $2.72 on 4.77 million shares.

Walter Coles and Ron Netolitzky's Skeena Resources Ltd. (SKE), down one cent to eight cents on 472,000 shares, wants to raise $6-million by selling 9.75-cent flow-through shares and 7.5-cent regular shares. The company wants the cash to explore its Spectrum gold project and the recently acquired GJ gold project in northwestern British Columbia. Last week Skeena said it would acquire GJ from NGEx Resources Inc. (NGQ: $0.49) and Teck Resources Ltd. (TCK.B: $8.73), in exchange for $500,000 in cash and staged payments of $4.0-million in stock. Another $4-million in cash must be paid after Skeena gets GJ into production.

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