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by Stockwatch Business Reporter
New York spot gold fell $3.50 to $1,284.80 on Tuesday. The TSX Venture Exchange slipped 2.37 points to 588.26 and the TSX Gold Index fell 1.26 points to 178.35. Barrick Gold Corp. (ABX) led Canadian gold miners lower today. It slid 87 cents to $16.32 on 16.42 million shares.
David Schmidt and David D'Onofrio's White Gold Corp. (WGO), up six cents to $1.61 on 514,000 shares, has received assays of up to 1.08 grams of gold per tonne over 50.29 metres from drilling at the Betty Ford target on its Betty property in the White Gold district of Yukon. The assays, from the company's 28-hole drill program last year, also included hits of 24.39 metres averaging 0.94 gram per tonne. As well, hits at Betty Black included assays of up to 0.82 gram of gold per tonne over 4.57 metres, while Betty White -- the company has a thing for Betties, it seems -- produced 22.86 metres running 0.47 gram per tonne.
Jodie Gibson, vice-president of exploration, calls the Betty Ford discovery "a very significant finding," given the wide intersection and a grade comparable to the adjacent Coffee deposit, being worked by Goldcorp Inc. (G: $12.63). He says that the company is also encouraged with the mineralization encountered elsewhere at Betty, which he describes as an underexplored property on which the latest drilling has "just scratched the surface." White Gold has yet to reveal its next plan for Betty, but more work will probably get squeezed in with new work elsewhere on the company's big land position in Yukon.
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David Schmidt has withdrawn his name for re-election as a director of the company at the company's upcoming annual shareholders meeting. Mr. Schmidt has also resigned as chief financial officer and secretary. Matthew Bajurny, CPA, who previously held the position of controller of the company, has been appointed as chief financial officer and secretary.Gold WGO -