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by Stockwatch Business Reporter
New York spot gold gained $8.00 to $1,201.10 on Monday. The TSX Venture Exchange rose 4.20 points to 719.36 while the TSX Gold Index rose 3.12 points to 155.09. Most Canadian gold miners were strong today. Tahoe Resources Inc. (THO) jumped 29 cents to $3.82 on 2.4 million shares and Agnico Eagle Mines Ltd. (AEM) added $1.03 to $44.41 on 813,000 shares. Guyana Goldfields Inc. (GUY) was a laggard. It fell 19 cents to $2.82 on 4.36 million shares. Guyana has just replaced its vice-president of exploration, Daniel Noone, with Ron Stewart.
Stuart Mills and Keith Henderson's Velocity Minerals Ltd. (VLC), up two cents to 16 cents on 154,000 shares, has a preliminary economic assessment of its Rozino gold project in southeastern Bulgaria. The study is based on an updated resource estimate that lists 13 million tonnes inferred at 1.37 grams of gold per tonne, or 573,000 ounces. The $96-million mine plan proposes a floatation plant throughput of 5,000 tonnes per day, a rate that would yield an average of 65,000 ounces per year over 5.4 years based on a plan to mine 9.5 million tonnes of the resource at 1.5 grams per tonne. The dream sheet shows a discounted net present value of $129-million after taxes.
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