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by Stockwatch Business Reporter

New York spot gold rose $3.60 to $1,298.80 on Wednesday. The TSX Venture Exchange fell 2.26 points to 760.17 while the TSX Gold Index lost 0.60 point to 190.90. Most Canadian gold miners moved little today. Centerra Gold Inc. (CG) lost 21 cents to $6.93 on 1.21 million shares while Iamgold Corp. (AEM) added seven cents to $7.75 on 1.79 million shares.

Dr. Michael Byron's Nighthawk Gold Corp. (NHK), down 1.5 cents to 47.5 cents on 845,000 shares, has boosted its resource estimate for the Colomac gold project in the Northwest Territories. The company now lists 50.3 million tonnes inferred at 1.62 grams per tonne, or 2.6 million ounces of gold. Most of the gold resides within the northern, central and southern Colomac zones. The northern and main Goldcrest zones hold just 184,000 ounces and the Grizzly Bear, No. 27 and No. 24 zones host a combined 59,000 ounces. Colomac's previous estimate, prepared in 2013, listed 39.8 million tonnes inferred at 1.64 grams per tonne, or 2.1 million ounces. The new estimate includes results of 145 holes, spanning nearly 45,000 metres, drilled by Nighthawk over the past five years. (The new estimate and its predecessor also drew upon the assays from over 940 previous holes that spanned nearly 100,000 metres.)

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