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by Stockwatch Business Reporter

New York spot gold rose $2.60 to $1,985.10 on Thursday. The TSX Venture Exchange rose 4.12 points to 519.94, while the TSX gold index added 0.36 point to 268.27. Most Canadian gold miners moved lower today, although First Quantum Minerals Ltd. (FM), down over $17 since trading at $32 in mid-October, managed a bounce today, adding 94 cents to $16.72 on 10.4 million shares. The collapse was the result of worries that Panama will put an end to mining at the company's Cobre Panama operation. New Gold Inc. (NGD) helped lead the retreat. It fell two cents to $1.62 on 1.73 million shares despite a one-week silence.

Mac Balkam's Eskay Mining Corp. (ESK) slid eight cents to 35.5 cents on 1.36 million shares on word it has "very encouraging results" from this year's drilling at the Consolidated Eskay gold project in the Golden Triangle district of northwestern British Columbia. The headline hit, in the Cumberland volcanogenic massive sulphide discovery zone, was a 15-metre near-surface intersection that graded 3.02 grams of gold and 68.7 grams of silver per tonne plus 0.24 per cent copper, 4.86 per cent zinc and 0.73 per cent lead -- an equivalent of 6.28 grams of gold per tonne.

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