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by Stockwatch Business Reporter

New York spot gold rose $48.90 on Monday, ending the day at $3,396.80. (Well, not really -- gold never sleeps, you see: The market takes a one-hour breather late in the afternoon then merrily resumes trading for the next 23 hours.) The TSX Venture Exchange, which does close for the day an hour before that breather, rose 5.05 points to 802.80 while the TSX gold index surged 16.54 points to 508.25.

With bullion's rally and the leap forward by the gold index, little wonder that nearly all precious metals miners were strong today. Americas Gold and Silver Corp. (USA), which jumped nine cents to $1.34 on 4.8 million shares, and Galiano Gold Inc. (GAU), which rose 18 cents to $2.01 on 586,000 shares, helped lead the way northward. On their way, they waved empathetically at West Red Lake Gold Mines Ltd. (WRLG), which lost two cents to 82 cents on 1.76 million shares.

Sean Roosen's Osisko Development Corp. (ODV) rose one cent to $3.36 on 457,000 shares on word that it has arranged a $450-million (U.S.) financing facility for development of its Cariboo gold project in central British Columbia. A $100-million (U.S.) initial draw, the company says, will allow it to accelerate preconstruction work and "materially derisk the project." The rest will be available for subsequent drawdowns once a final decision on the mine is made. (One presumes that actually deciding to build the mine would yield a more material derisking than would the first drawdown.)

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