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by Stockwatch Business Reporter

New York spot gold fell $3.30 to $1,254.70 on Thursday. The TSX Venture Exchange gained 3.98 points to 678.23 while the TSX Gold Index rose 6.00 points to 221.44. Most Canadian gold miners moved higher, led by Alacer Gold Corp. (ASR), which added 16 cents to $3.27 on 2.07 million shares and Yamana Gold Inc.(YRI), which rose 26 cents to $6.25 on 13.91 million shares.

Albert Matter and James Anderson's NuLegacy Gold Corp. (NUG), up one cent to 30 cents on 824,000 shares, has begun a 10,000-metre drill program at Iceberg, its Nevada gold project. The program will concentrate on the area in and between the gold-bearing North, Central and South zones to show potential continuity between the three areas and to probe further a high-grade zone identified last year at North, where assays of up to 10.9 grams per tonne over 12.2 metres were obtained. As well, a "sizable portion" of the planned holes will target other potential gold systems on the property, mainly Avocado, VIO and Jasperoid.

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