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by Stockwatch Business Reporter

New York spot gold gained $1.80 to $1,336.70 on Thursday. The TSX Venture Exchange fell 2.74 points to 810.55 while the TSX Gold Index lost 3.08 points to 249.16. Detour Gold Corp. (DGC) led advancers, adding 47 cents to $29.45 on 1.26 million shares. New Gold Inc. (NGD) led the decliners, dropping 15 cents to $6.16 on 3.97 million shares.

Adam Travis's Colorado Resources Ltd. (CXO), down 13 cents to 26.5 cents on 10.42 million shares, has received assays of up to 16.02 grams of gold per tonne over four metes at the Inel area of its KSP project in northwest British Columbia. The assays are from another 15 holes of the company's now concluded 53-hole program. (Results from 13 holes are still outstanding.) A few other high-grade hits were noted over shorter intervals and all but one hole yielded at least modest amounts of gold.

Investors thought otherwise, but Mr. Travis, president and chief executive officer, said his company had a "very successful exploration season" at KSP, completing more than double what was required under its joint venture arrangement with Seabridge Gold Inc. (SEA: $15.34). (Colorado can earn an 80-per-cent interest, but must spend at least $4-million more to do so.) Mr. Travis says that the Inel drilling tested an area 600 metres long and 500 metres wide, hitting "multiounce gold values over one-metre apparent widths" within broader lower-grade zones. He says that Colorado will spend the next few months compiling and interpreting its assay and drill data, which will lead to the planning of another big exploration push next year.

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