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by Stockwatch Business Reporter

New York spot gold rose $25.40 Tuesday, closing at $2,409.10. The TSX Venture Exchange lost 1.44 points to 572.93 while the TSX gold index added 1.54 points to 352.78. Most Canadian gold miners moved little today. Barrick Gold Corp. (ABX) rose 22 cents to $25.13 on 4.24 million shares while Capstone Copper Corp. (CS) fell 19 cents to $8.86 on 5.66 million shares. Lundin Mining Corp. (LUN) lost 37 cents to $13.87 on 9.67 million shares.

With bullion flying, one would expect gold miners to soar as well. Not so for Tim Swendseid's Elevation Gold Mining Corp. (ELVT: $0.08), halted at the open today as it said it was applying for creditor protection and would "proceed with an interim cessation of active mining" at its Moss open pit mine in Arizona. The company's second quarter results are due in a few weeks, and while the first quarter numbers showed Elevation with more current assets than current liabilities, nearly all its assets were sitting on the leach pad.

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