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by Stockwatch Business Reporter

New York spot gold gained $4.40 to $1,278.40 on Tuesday. The TSX Venture Exchange fell 0.24 point to 686.17 while the TSX Gold Index gained 2.61 points to 231.49. Barrick Gold Corp. (ABX) led Canadian gold miners higher today. It rose 58 cents to $24.99 on 9.16 million shares. Alacer Gold Corp. (ASR) was among those in retreat. It slipped four cents to $3.14 on 2.26 million shares.

Darin Labrenz's Pure Gold Mining Inc. (PGM), up three cents to 58 cents on 890,000 shares, has received another batch of assays from its Madsen gold project near Red Lake in Northwestern Ontario. These assays are from the McVeigh zone. Pure Gold hopes to prove McVeigh is a mirror image of the prolific Austin zone that supported a long-running mine years ago. Results so far support its theory. The seven latest McVeigh holes all yielded gold, including one that ran 10.9 grams per tonne over 9.8 metres. Mr. Labrenz, president and chief executive officer, says the company's ongoing drill program has intersected shallow gold along a 1,000-metre strike length and to a depth of 300 metres, "highlighting the strong potential for resource growth." At last report Madsen held 3.24 million tonnes indicated at 8.93 grams per tonne and 790,000 tonnes inferred at 11.74 grams per tonne, for a combined 1.2 million ounces.

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