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by Stockwatch Business Reporter

New York spot gold fell $1.60 to $1,290.60 on Tuesday. The TSX Venture Exchange rose 1.46 points to 787.85 while the TSX Gold Index lost 2.16 points to 184.79. Endeavour Gold Mining Corp. (EDV) bucked the trend, somewhat, gaining 10 cents to $21.53 on 625,000 shares.

Benoit La Salle's Algold Resources Ltd. (ALG), down one cent to 11 cents on 313,000 shares, has received a preliminary economic assessment of its Tijirit gold project in Mauritania. The study shows a discounted net present value of $69-million (U.S.) after taxes for a $145.5-million (U.S.) mine. The mine would start production at about 3,000 tonnes per day and expand to 4,500 tonnes per day after three years, when production shifts from Eleonore to the larger but lower-grade Sophie and Lily deposits. (Eleonore hosts 719,000 tonnes indicated at 4.08 grams per tonne and 3.02 million tonnes inferred at 4.07 grams per tonne, while Sophie and Lily host 2.5 million tonnes measured and indicated at 0.94 gram per tonne and 7.5 million tonnes inferred at 1.06 grams per tonne, providing Tijirit with a total of nearly 820,000 ounces of gold.)

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