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by Stockwatch Business Reporter
New York spot gold lost $2.40 to $1,235.90 on Tuesday. The TSX Venture Exchange gained 1.05 points to 844.97 while the TSX Gold Index dipped 0.62 point to 223.24. Most Canadian gold miners were down today, led by Richmont Mines Inc. (RIC), which dropped $1.02 to $11.17 on 730,000 shares.
George Faught and Philip Walford's Marathon Gold Corp. (MOZ) lost three cents to $1 on 1.62 million shares. The company has a new resource estimate for its Valentine Lake gold project in central Newfoundland. The company now lists 22.57 million tonnes measured and indicated at 1.91 grams of gold per tonne with another 10.67 million tonnes inferred at 2.24 grams per tonne, for a combined 2.15 million ounces. Most of the gold, about 1.85 million ounces, is deemed an open-pit resource. The rest, about 300,000 ounces, is available for underground mining.
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