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by Stockwatch Business Reporter

New York spot gold regained $70.10 Monday, reaching $3,944.50 by the market's close. As for those markets, the TSX Venture Exchange began November with a 2.95-point drop, ending the day at 800.83, while the TSX gold index jumped 21.21 points to 789.81. Eldorado Gold Corp. (ELD) led the way, with a $2.30 gain to $45.01 on three million shares.

Among those with news, Shane Williams's West Red Lake Gold Mines Ltd. (WRLG) rose four cents to 56 cents on 2.18 million shares on word that it has signed a binding term sheet for a $95-million (U.S.) credit facility -- $65-million (U.S.) in a first tranche and up to $30-million (U.S.) in a second, subject to further conditions and approvals. The new facility is intended to refinance the company's existing debt on more favourable terms, and to provide cash to support development at the Madsen mine in Northwestern Ontario, and at the nearby Rowan project.

Mr. Williams, president and chief executive officer, was suitably enthused. He self-congratulated that he and his crew have "built a strong business relationship with [the new lender], culminating in a financing arrangement that would provide West Red Lake Gold with increased liquidity, a more competitive cost of capital and significantly improved repayment terms." This, he cheered, "represents an important step in strengthening our financial position and providing greater flexibility to invest in our operations and advance growth opportunities across our Red Lake portfolio."

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