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by Stockwatch Business Reporter

New York spot gold fell $73 to $4,015.60 Monday. The TSX Venture Exchange lost 4.75 points to 891.09 while the TSX gold index fell 10.29 points to 764.95. Most precious metals miners followed bullion today. Americas Gold and Silver Corp. (USA) lost 24 cents to $6.61 on 2.41 million shares, and Aya Gold & Silver Inc. (AYA) dropped $1.51 to $26.62 on 2.47 million shares.

Bassam Moubarak's Freeman Gold Corp. (FMAN), up 3.5 cents to 31.5 cents on 2.32 million shares, has a feasibility study of its Lemhi gold project in Idaho. The study was based upon a reserve of 43 million tonnes grading 0.74 gram of gold per tonne, about one million ounces. The plan calls for a 15-year mine running at nearly 8,000 tonnes per day that would cost $330-million (U.S.) to build. The bottom line is glittering, with an internal rate of return at 34.4 per cent after taxes.

Mr. Moubarak, chief executive officer, deemed the study "a major milestone" in the advancement of Lemhi. (Driving along Howe Street these days is a challenge as the route is littered with milestones, nearly all of them major.) The financial assessment had him glowing brightly, as did the material enhancements that he says have been made. And so, Mr. Moubarak concludes, the study provides a strong foundation as they "advance permitting, engineering, financing and development planning toward the eventual construction and operation of the Lemhi gold project."

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