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by Stockwatch Business Reporter

New York spot gold rose $31.40 Thursday, ending the afternoon at $3,399.60. The TSX Venture Exchange rose 2.44 points to 789.05 while the TSX gold index added another 5.91 points to 565.17. Canadian-listed golds continued their bull run today. Taseko Mines Ltd. (TKO) added nine cents to $4.26 on 2.87 million shares today, while Pan American Silver Corp. (PAAS) rose $2.84 to $43.22 on 2.83 million shares. Fortuna Mining Corp. (FVI), on the other hand, lost $1.17 to $8.55 on 6.26 million shares as the market expected more from its just revealed second quarter results.

Paul Cowley's Phenom Resources Corp. (PHNM) lost one-half cent to 22.5 cents on 106,000 shares on word late Wednesday that its first hole at the Crescent Valley gold project in Nevada was not only difficult to drill but was also a dud. The test, the first of three planned holes, was to reach a depth of up to 450 metres, but because of difficult ground conditions, the company "felt it prudent" to suspend drilling at about 250 metres, pending a look at the preliminary assays, because of the very slow penetration rates and unacceptable costs.

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