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by Stockwatch Business Reporter

New York spot gold fell $72.50 Tuesday, pausing at $4,256.80. The TSX Venture Exchange lost 14.85 points to 933.06 while the TSX gold index shed 11.91 points to 773.82. First Quantum Minerals Inc. (FM) added 10 cents to $40.559 on 4.75 million shares and Mineros SA (MSA) rose 23 cents to $5.53 on 812,000 shares. Silvercorp Metals Inc. (SVM) went the other way, dropping 82 cents to $14.05 on 1.68 million shares.

Shane Williams's West Red Lake Gold Mines Ltd. (WRLG), poised to cross the $1.50 mark early this year, reversed its subsequent retreat today, adding one cent to 63 cents on 4.12 million shares. The move is the result of an updated resource estimate for the company's Rowan deposit and a maiden calculation for the nearby Mount Jamie deposit, both near the company's Madsen mine. The company plans a prefeasibility study contemplating adding Rowan to the mine plan, which should be complete late this year.

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