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by Stockwatch Business Reporter
New York spot gold gained $1.70 to $1,285.50 on Tuesday. The TSX Venture Exchange lost 8.12 points to 707.75 while the TSX Gold Index fell 3.72 points to 228.77. Most Canadian gold miners lost ground today. Agnico Eagle Mines Ltd. (AEM) fell $1.77 to $64.16 on 1.19 million shares, while Kirkland Lake Gold Inc. (KGI) fell 69 cents to $11.09 on 1.94 million shares. Alacer Gold Corp. bucked the trend, gaining eight cents to $2.97 on 2.20 million shares.
Darin Labrenz's Pure Gold Mining Inc. (PGM), up three cents to 69 cents on 960,000 shares, has received assays of up to 31.3 grams of gold per tonne over 3.7 metres from the McVeigh horizon at its Madsen project near Red Lake in Northwestern Ontario. The assays are from the final holes drilled in the company's 16,000-metre drill program, a program that has now been expanded by 35,000 metres and $9.1-million as a result of the initial encouragement. Most of the additional metres will be aimed at the McVeigh zone, which Mr. Labrenz, president and chief executive officer, says is "open for resource expansion along strike and at depth," below where mining ended at a depth of 230 metres.
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