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by Stockwatch Business Reporter

New York spot gold gained $18.80 to $1,167.40 Wednesday, rising even though the United States Federal Reserve removed the word "patient" from its monetary policy statement. The Fed also lowered its GDP and inflation forecasts, which makes an interest rate increase by June much less likely. Here in Canada, the TSX Venture Exchange rose 7.15 points to 666.36 and the TSX Gold Index climbed 5.76 points to 161.45.

Major Canadian gold miners followed bullion higher. Barrick Gold Corp. (ABX) gained 65 cents to $13.82, Yamana Gold Inc. (YRI) gained 15 cents to $4.63, Agnico Eagle Mines Ltd. (AEM) ascended 89 cents to $36.79 and Detour Gold Corp. (DGC) rose 48 cents to $10.92.

Jean Martineau's Dynacor Gold Mines Inc. (DNG) climbed 27 cents to $2.21 on 315,000 shares. The company has received permission to build a second gold processing plant in Peru, for which it has been waiting more than two years. Dynacor has been using its first plant to process gold for locals for over a decade. It started as a side business to finance exploration, and from 2007 to 2012 the company had to raise only $5.5-million in the market. In mid-2012, Peru enacted a new mining law, banning all illegal gold mining operations. This sent artisanal miners with ore to Dynacor's government-approved plant. As production increased, the stock climbed from 45 cents. Now, Dynacor is producing 60,000 ounces of gold a year, up from around 30,000 ounces previously. Now that it has a permit to build plant No. 2, the company projects construction should take about eight months and cost $10-million. It has more than enough money with over $20-million in working capital.

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