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by Stockwatch Business Reporter
New York spot gold added $0.90 to $1,303.50 on Monday. The TSX Venture Exchange added 10.22 points to 614.78 while the TSX Gold Index rose 2.33 points to 183.54.
Iamgold Corp. (IMG) led Canadian gold miners higher today. It added 41 cents to $4.48 on 5.63 million shares on word that it has decided not to proceed with construction of a mine at Cote in Ontario. Instead, it will focus on its current mines and other projects. A feasibility study, completed late last year, pegged the capital cost of Cote at $1.15-billion (U.S.) and put the discounted net present value at $795-million (U.S.) after taxes. The 16-year, 36,000-tonne-per-day mine was to average 367,000 ounces per year based on a reserve of 233 million tonnes at 0.97 gram of gold per tonne, or nearly 7.3 million ounces.
Duncan Middlemiss's Wesdome Gold Mines Ltd. (WDO), up 32 cents to $4.89 on 1.53 million shares, has received assays of up to 33.7 grams of gold per tonne over a true width of 15 metres from the Kiena Deep A zone at its Kiena mine complex near Val d'Or in Quebec. The assays are from another 16 holes spanning 4,200 metres that the company has completed since its latest resource estimate, prepared in October. The new holes yielded several other high-grade hits, including 51.9 grams per tonne over a true width of 7.6 metres and 153.4 grams per tonne over 1.3 metres.
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