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by Stockwatch Business Reporter
New York spot gold rose $7.50 to $1,308.90 on Wednesday. The TSX Venture Exchange rose 3.27 points to 624.22 while the TSX Gold Index slipped 0.63 point to 197.26. Ian Telfer's -- soon to be Newmont Mining Corporation's -- Goldcorp Inc. (G) fell 21 cents to $14.86 on 11.35 million shares. The company was in the news again today, this time because of mounting anger that Mr. Telfer, chairman, will get a $12-million (U.S.) golden parachute. His contract had recently called for a retirement payment of "just" $6-million in Canadian dollars, so the new payment is nearly triple the old.
Alar Soever and Marz Kord's Wallbridge Mining Co. Ltd. (WM), down 1.5 cents to 29 cents on 4.01 million shares, has received assays of up to 2.55 grams of gold per tonne over 20.01 metres from initial drilling at its recently optioned Beschefer project in Quebec. That broad hit was helped by a 1.09-metre interval that averaged 14.33 grams per tonne. The assays, from five holes spanning 1,600 metres, encountered gold in the B-14 zone, although one hole also hit 20.22 grams of gold per tonne over 0.49 metre in an unnamed new zone.
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