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by Stockwatch Business Reporter

New York spot gold gained $2.80 to $1,117.80 on Friday. The TSX Venture Exchange gained 7.09 points to 499.52 while the TSX Gold Index gained 3.74 points to 140.63. Detour Gold Corp. (DGC) led Canadian miners, gaining $1.29 to $17.04 on 2.39 million shares.

Nick Appleyard's Tristar Gold Inc. (TSG), down one cent to 17 cents on 317,000 shares, has a new gold estimate at its Castelo de Sonhos project in Brazil. The estimate is not yet a resource, it is a "qualitative risk assessment of the exploration target," so Tristar must provide the information in ranges. Castelo de Sonhos holds between 50 million and 84 million tonnes of rock grading between 1.3 and 1.6 grams of gold per tonne. The resulting multiplications yield a potential gold content between 2.1 million and 4.3 million ounces. (Regulators insist that exploration targets be expressed as ranges to emphasize their unreliability; the downside (or upside if you are the promoter) is that investors regularly grasp the upper limits as gospel.)

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