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by Stockwatch Business Reporter
New York spot gold rose $5.40 Tuesday, closing at $1,769.90. The TSX Venture Exchange added 12.57 points, closing at 950.38, while the TSX gold index rose 2.15 points to 281.79. Several Canadian gold miners had a good day. Pan American Silver Corp. (PAAS) rose 67 cents to $31.30 on 465,000 shares. The company will reveal its third quarter results in three weeks and investors appear optimistic. New Found Gold Corp. (NFG) stayed on the upswing, adding 47 cents to $9.39 on 347,000 shares today as the market awaits more assays from the rich Queensway project in Newfoundland. Ero Copper Corp. (ERO) was an exception. It lost 37 cents to $25.01 on 195,000 shares today.
Michael Povey and Simon Ridgway's Volcanic Gold Mines Inc. (VG) erupted 19.5 cents to 54 cents on 2.67 million shares today following word of a 4.58-metre hit averaging 79.84 grams of gold and 5,053 grams of silver per tonne. The hole tested the southern extension of the La Pena vein on the company's Holly project in southeastern Guatemala. The latest assays are from two new holes in the area; the other produced just seven grams of gold and 48 grams of silver per tonne over 1.52 metres.
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