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by Stockwatch Business Reporter

New York spot gold dropped $85.20 to $4,330.50 on Tuesday. The TSX Venture Exchange moved lower, dropping 19.29 points to 944.87, while the TSX gold index fell 22.5 points, ending the day at 882.06. Oceanagold Corp. (OGC), up smartly yesterday, fell $2.61 to $38.25 on 1.92 million shares today, the gyrations following word that the company is looking to acquire Ausgold Ltd. China Gold International Resources Corp. (CGG), on the other hand, jumped $1.30 to $39.78 on 165,000 shares.

Lon Shaver's Silvercorp Metals Inc. (SVM) lost 49 cents to $16.03 on 632,000 shares on word that it has drilled a 212.5-metre interval grading 1.68 grams of gold per tonne at its Kyzyltash project in Kyrgyzstan. There were several other highlights in the new assays, including some that came from the nearby Tulkubash project. The drilling includes both infill and stepout holes completed in the up-to-60,000-metre program.

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