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by Stockwatch Business Reporter

New York spot gold fell another $19.60 to $1,624.80 on Monday. The TSX-V lost 10.67 points to 567.39 while the TSX gold index lost 3.26 points to 219.44. New Found Gold Corp. (NFG) led the retreat, dropping 21 cents to $4.30 on 454,000 shares. Iamgold Corp. (IMG) went the other way, adding one cent to $1.37 on 3.38 million shares.

Chris Jordaan's Superior Gold Inc. (SGI) lost one-half cent to 35.5 cents on 441,000 shares on word that it has drilled a 19.1-metre true-thickness interval averaging 10.5 grams of gold per tonne in the Indian Access area at its Plutonic mine in Western Australia. A second hole returned 15.6 grams per tonne over 3.2 metres, while a third of the 16 new holes into the Indian Access area managed 5.34 grams per tonne over a true width of 5.6 metres.

Mr. Jordaan, president and chief executive officer, applauded the "excellent drill results" as continuing to support the company's strategy of reinterpreting and re-evaluating historical areas of Plutonic to support future production, thereby reducing its reliance on remnant areas of the mine. Accordingly, he cheers, the new results "give us further confidence that high-grade extensions of the Plutonic orebody can be systematically targeted, and that significant mineralization can still be discovered." This targeted area, he concludes, could see mining start as soon as early next year.

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