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by Stockwatch Business Reporter
New York spot gold rose $3.70 to $1,316.30 on Wednesday. The TSX Venture Exchange fell 13.78 points to 910.84 while the TSX Gold Index added 1.92 points to 195.03. Tahoe Resources Inc. (THO) followed bullion higher, adding 18 cents to $5.81 on 1.96 million shares. Klondex Mines Ltd. (KDX) had a tough day, losing 34 cents to $2.62 on 5.86 million shares. The company said late yesterday that it would be limiting underground mining at its True North mine in Manitoba to areas already developed. Once those are depleted, the mine will be put on care and maintenance.
John Byrne and Peter Akerley's Erdene Resource Development Corp. (ERD), up nine cents to 58 cents on 765,000 shares, has received assays of up to 2,200 grams of gold per tonne over one metre from drilling in the North Midfield zone at its Bayan-Khundii gold project in southwestern Mongolia. The bonanza hit provided most of the gold contained in a 14-metre interval that averaged 158.3 grams per tonne. The assays, from six new holes, included hits of 1.8 grams per tonne across 127.5 metres, a zone bolstered by a 25-metre subinterval that averaged 5.84 grams per tonne, and 0.74 grams per tonne across 100.7 metres.
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