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by Stockwatch Business Reporter

New York spot gold fell $48.90 to $2,286.40 on Tuesday. The TSX Venture Exchange lost 10.54 points to 579.52, while the TSX gold index dropped 12.04 points to 309.98. First Quantum Minerals Ltd. (FM) bucked the downdraft until near the close, ending the day down nine cents to $17.48 on 12.9 million shares. There is no news, just a faint glimmer of new hope that the Panamanian government may yet come to an agreement with the company that would allow the Cobre Panama mine to resume production. Ivanhoe Mines Ltd. (IVN) on the other hand slid $1.96 to $18.66 on 19.56 million shares on word it is redeeming $575-million (U.S.) of convertible notes while it beavers away exploring in Africa.

Frank Callaghan's Golden Cariboo Resources Ltd. (GCC) fell 3.5 cents to 30 cents on 93,000 shares on word it has drilled a 6.25-metre interval grading 2.77 grams of gold per tonne at Quesnelle, south of Prince George in central British Columbia. The company got its first assays from the drill program early this year, which included a 7.15-metre near-surface interval grading 4.65 grams of gold per tonne. Today's intercept is a deeper encounter from that same hole.

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