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by Stockwatch Business Reporter

New York spot gold retreated $22.70 to $3,320.10 on Tuesday. The TSX Venture Exchange added 1.63 points to 654.81 while the TSX gold index dropped 6.38 points to 469.19. Most precious metals miners listed in Canada drifted lower with bullion today. SSR Mining Inc. (SSRM) lost 18 cents to $14.50 on 498,000 shares while New Gold Inc. (NGD) fell seven cents to $4.60 on 3.52 million shares.

Neither company has been newsworthy in the past few weeks, but one that did have something to say recently was Frazer Bourchier's Mandalay Resources Corp. (MND). The company added 27 cents to $5.40 on 507,000 shares Monday and tacked on another 20 cents to $5.60 on 864,000 shares today. Nic Earner's Australia-based Alkane Resources Ltd. and Mandalay have agreed to a merger of equals transaction that will see Alkane acquire Mandalay, with shareholders of the latter getting 7.875 Alkane shares for each Mandalay share.

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