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by Stockwatch Business Reporter

New York spot gold dipped $8.90 to $4,612.50 on Friday. The TSX Venture Exchange edged 0.43 point lower to 994.44 while the TSX gold index fell 12.45 points to 838.89. Most of Canada's precious metals miners moved lower today. Agnico Eagle Mines Ltd. (AEM), up $4.22 yesterday, dropped $5.76 to $249.67 on 1.15 million shares today. Its stock had been as high as $348.94 in early March and topped $308 just two weeks ago. West Red Lake Gold Mines Ltd. (WRLG), on a two-month slide from $1.48, reversed direction early but could not hold it, closing unchanged at 75 cents on 9.59 million shares today.

Yarr, there be alteration here, enthused Denis Laviolette's Pirate Gold Corp. (YARR), following a look at three new holes drilled at Crippleback Lake on its Treasure Island project in central Newfoundland. The core has "confirmed a large advanced argillic alteration system" -- a hydrothermal chemical burn that slowly turns rock to clay -- one that shows features associated with high-sulphide epithermal and copper porphyry systems. The news, which expands the alteration system to 1,700 metres long, 700 metres wide and 400 metres deep, kept Pirate Gold unchanged at 21.5 cents on 1.1 million shares.

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