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by Stockwatch Business Reporter

New York spot gold rose another $7.20 to $2,336.40 on Monday. The TSX Venture Exchange gained 1.17 points to 585.50 while the TSX gold index dipped 3.05 points to 307.64. Some precious metals miners were strong today. First Majestic Silver Corp. (FR) added 23 cents to $10.80 on 2.81 million shares despite being silent for the past week. Galiano Gold Inc. (GAU) was equally mum, but it lost nine cents to $2.02 on 474,000 shares.

And then there was West Red Lake Gold Mines Ltd. (WRLG), a 68 center last week that jumped two cents Thursday and another nine on Friday. Today, it added nine cents more, ending the day at 88 cents on 3.37 million shares. Bullion's surge bodes well -- one hopes -- for the resurrection of the Madsen mine near Red Lake, which the company acquired in a bankruptcy fire sale a year ago.

Ewan Downie's I-80 Gold Corp. (IAU) slid 22 cents to $1.63 on 17.04 million shares on word it has arranged an $86-million bought-deal financing through which it will sell 51.88 million shares at $1.65. (Each new share will also come with one-half warrant, exercisable at $2.15 over the next four years.) Further, the underwriters have the usual greenshoe option to buy an additional 7.78 million units, which would rake in an additional $12.8-million and bring the full financing to nearly $100-million while diluting current shareholders by over 16 per cent.

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