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by Stockwatch Business Reporter

New York spot gold rose $4.30 to close at $2,642.30 on Tuesday, while the TSX Venture Exchange rose 7.71 points to 620.72 and the TSX gold index added 9.75 points to 362.98. Alamos Gold Inc. (AGI) helped lead the advance, as it rose $1.28 to $27.27 on 2.55 million shares. Pan American Silver Corp. (PAAS) also did well, adding $1.87 to $31.83 on 1.65 million shares.

David Strang's Ero Copper Corp. (ERO) rose 14 cents to $21.50 on 604,000 shares on word of an updated reserve and resource estimate for its Xavantina mine in Mato Grosso, Brazil. The company now lists a reserve of 1.47 million tonnes grading 9.71 grams of gold per tonne, good for nearly 460,000 ounces -- a hefty bump from the 385,000 ounces noted a year ago. Nearly all the reserve resides within the Santo Antonio vein, with the rest in the Matinha vein.

Ero now cheers a measured and indicated resource of 1.69 million tonnes grading 10.99 grams per tonne, just shy of 600,000 ounces. Another 632,000 tonnes are inferred at 10.64 grams per tonne, providing a further 216,000 ounces of gold. In addition to the two more advanced veins, Ero Copper credits the Bras and Buracao veins with a modest supply of the resource ounces.

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