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by Stockwatch Business Reporter

New York spot gold rebounded from a slow start Friday, adding $19.60 to $2,004.20. The TSX Venture Exchange rose 4.41 points to 520.51, while the TSX gold index surged 6.42 points to 280.45. Far more Canadian gold miners advanced today than not. Oceanagold Corp. (OGC) was among the nots -- it fell two cents to $2.46 on 3.87 million shares. Galiano Gold Inc. (GAU) kept it company, as it dipped three cents to 74 cents on 191,000 shares.

The most energetic gainer was Eldorado Gold Corp. (ELD), which jumped $1.28 to $14.95 on 1.25 million shares. Eldorado said late Thursday that it lost $7.9-million (U.S.) in its third quarter. George Burns, president and chief executive officer, cheered that the company "continued to make progress across our sites," promising a "strong outlook for growing production, declining costs and increasing cash flow."

The numbers do show progress, not unlike the trail a snail leaves across a beach at low tide. The company produced 121,000 ounces of gold in the latest quarter, up from nearly 119,000 ounces a year earlier. Operating costs were down, to $116-million (U.S.), from $123.5-million (U.S.) a year ago. Combined, however, the resulting improvement in cash flow was far more promising: Eldorado generated $108-million (U.S.) in the latest quarter, doubling the previous result.

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