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by Stockwatch Business Reporter
New York spot gold rose $18.20 to $1,546.70 on Tuesday. The TSX Venture Exchange added 2.92 points to 592.28 while the TSX Gold Index rose 3.55 points to 266.79. Kinross Gold Corp. (K) helped lead Canadian gold miners higher today. It jumped 31 cents to $6.93 on 8.99 million shares.
Sebastien de Montessus's Endeavour Mining Corp. (EDV), up 96 cents to $26.91 on 471,000 shares, has defined more gold within the Lafigue deposit at its Fetekro project in Ivory Coast. The company now lists 14.6 million tonnes indicated at 2.54 grams of gold per tonne and 900,000 tonnes inferred at 2.17 grams per tonne, or 1.25 million ounces. That compares well with last year's estimate of just over 700,000 ounces. The expanded ounce count was bolstered by increased confidence: Nearly all the gold at Fetekro has been upgraded to an indicated status.
Mr. de Montessus, president and chief executive officer, is "excited at the value we have created through exploration," noting that Fetekro's resource is now at a scale similar in size and grade to what Endeavour initially had at Agbaou when it reached production five years ago. Mr. de Montessus apparently tapped into a high-grade vein of waffle, as he says that the near doubling of the Fetekro resource was boosting confidence in Endeavour's ability to achieve its objective of discovering a standalone project through exploration.
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