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by Stockwatch Business Reporter
New York spot gold fell $7.50 to $1,519.60 on Friday. The TSX Venture Exchange added 8.21 points to 589.36 while the TSX Gold Index rose 1.26 points to 263.24. Agnico Eagle Mines Ltd. (AEM) helped lead Canadian gold miners higher today. It rose 99 cents to $83.24 on 1.58 million shares.
Nelson Baker and Barry Coughlan's Mineral Mountain Resources Ltd. (MMV), up one-half cent to 18 cents on 143,000 shares, is offering 20 million shares at 15 cents, seeking $3-million to cover the cost of a Phase 2 drill program at its Rochford gold project in the Black Hills of South Dakota. What Mr. Baker, president and chief executive officer, and Mr. Coughlan, executive chairman, do not say is that the company is considering a more energetic Phase 3 program that would cost considerably more. As a result, Mineral Mountain is intent on "securing a relationship with a major gold company" willing to provide exploration cash. Mr. Baker and Mr. Coughlan call this a "very solid game plan" that includes a "timely exit strategy for the company."
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