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by Stockwatch Business Reporter

New York spot gold reclaimed $13.80 to close at $2,649.90 on Tuesday while the TSX Venture Exchange slipped 5.28 points to 612.91 and the TSX gold index rose 5.01 points to 347.07. Most Canadian gold miners advanced today. Agnico Eagle Mines Ltd. (AEM) was strong, as it rose $2.44 to $116.59 on 2.11 million shares. Shane Williams's West Red Lake Gold Mines Ltd. (WRLG) lost three cents to 56 cents on 4.32 million shares on release of a prefeasibility study of its Madsen mine restart project, near Red Lake in Northwestern Ontario.

The study is based on a reserve of 1.82 million tonnes grading 8.16 grams of gold per tonne, about 478,000 ounces. That is but a sliver of the two million ounces listed as a mostly indicated resource. Remember that the now bankrupt Pure Gold Mining Inc. had declared a reserve of 3.5 million tonnes grading nine grams per tonne -- about one million ounces of a 2.5-million-ounce resource -- but much of the gold either went poof or was present at diluted grades when the company's short-lived $300-million mine reached production. And so, one expects -- or at least hopes -- that West Red Lake's estimates will hold up better.

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