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by Stockwatch Business Reporter

It just keeps going! New York spot gold surged nearly $60 to $2,432 but ended the day down $29.80 to $2,332.50 on Friday. The TSX Venture Exchange lost 3.57 points to 587.71, while the TSX gold index fell 2.58 points to 312.68. That is still a 75-point gain in about six weeks but remember, the index got to 345 last May when bullion briefly nosed above the $2,000 mark. There were plenty of energetic gainers early on, but only a few held their gains. Jaguar Mining Inc. (JAG) was one, as it rose 19 cents to $2.91 on 369,000 shares. Silvercorp Metals Inc. (SVM) on the other hand lost 41 cents to $4.82 on 2.69 million shares.

Bataa Tumur-Ochir's Steppe Gold Ltd. (STGO) lost one cent to 68 cents on 630,000 shares on word it has confirmed its arrangement to acquire Boroo Gold LLC, and to sell its Tres Cruces oxide gold project in Peru to the same group -- Boroo Pte. Ltd. of Singapore. The first shoe of the two-step deal has Steppe acquiring immediate gold production in Mongolia in exchange for enough shares to give Boroo Singapore a 55.9-per-cent interest -- about 138.2 million shares currently -- in Steppe. Once that deal is approved and closed, the other shoe would drop. Steppe has agreed to sell its Tres Cruces project to Boroo Singapore for $12-million in cash, payable in four instalments over an 18-month period.

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