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by Stockwatch Business Reporter

New York spot gold rose $2.20 on Tuesday, closing at $2,312.40. The TSX Venture Exchange fell 9.78 points to 577.16 while the TSX gold index dropped 3.73 points to 313.18. Karora Resources Inc. (KRR) bucked the trend, adding 12 cents to $5.59 on 1.04 million shares. Orvana Minerals Corp. (ORV) also did well, adding 2.5 cents to 24 cents on 23,000 shares. Taseko Mines Ltd. (TKO) helped drive the downdraft, dropping 15 cents to $3.19 on 1.6 million shares.

Frank Giustra and Shane Williams's West Red Lake Gold Mines Ltd. (WRLG) lost 1.5 cents to 59 cents on 1.61 million shares on word it has drilled an eight-metre interval grading 16.69 grams of gold per tonne in one of several new holes into the South Austin zone of its Madsen mine, near Red Lake in Northwestern Ontario. Seven of the 26 new holes were duds, with less than three grams of gold per tonne noted, but 11 of them had double-digit grades, at least over a subinterval. (Speaking of subintervals, the headline hit got much of its gold from a one-metre stretch that ran 127.98 grams per tonne, leaving the other seven metres with a paltry 0.79 gram per tonne.)

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