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by Stockwatch Business Reporter
New York spot gold rose $9.90 to $1,575.70 on Thursday. The TSX Venture Exchange fell 0.73 point to 571.00 while the TSX Gold Index added 3.20 points to 261.14. Most Canadian gold miners advanced today, led by Barrick Gold Corp. (ABX), which added 73 cents to $25.12 on 12 million shares. Barrick is selling its Senegal-based Massawa gold project to Teranga Gold Corp. (TGZ). (Teranga added 30 cents to $7.64 on 826,000 shares today.)
The market was not all party hats and horns today. Mick Wilkes's Oceanagold Corp. (OGC) dropped to an intraday low of $2.38 before ending the day unchanged at $2.48 on 4.84 million shares following an updated resource estimate for the Martha underground project at Waihi in New Zealand. It now hosts 4.9 million tonnes indicated at 5.2 grams of gold per tonne and 4.1 million tonnes inferred at 4.66 grams per tonne, or 1.44 million ounces. This is a significant increase, says Mr. Wilkes, president and chief executive officer -- just not as significant as investors apparently had hoped.
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