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by Stockwatch Business Reporter
New York spot gold gained $6.30 to $1,236.70 on Tuesday. The TSX Venture Exchange gained 3.18 points to 808.27 while the TSX Gold Index added 0.48 point to 214.07. Most Canadian golds moved little in listless trading today, although Eldorado Gold Corp. (ELD) lost three cents to $4.58 on 11.57 million shares in the wake of yesterday's news that it will acquire Integra Gold Corp. (ICG), which lost one cent to $1.12 on 36.12 million shares.
Greg McCunn's Alio Gold Inc. (ALO) gained 10 cents to $6.50 on 325,000 shares on its first day of trading under a new name. Alio, which also consolidated its shares 1:10, had previously been Timmins Gold Corp. Mr. McCunn, chief executive officer, launched his rebranded promotion with some news: a prefeasibility study of its Ana Paula project in the Guerrero region of Mexico. The study, based on a reserve of 13.4 million tonnes averaging 2.36 grams of gold per tonne, about 1.02 million ounces, yielded a discounted net present value of $223-million (U.S.) after taxes. The proposed $137.2-million (U.S.) mine would produce nearly 870,000 ounces of gold over its projected 7.5-year life.
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