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by Stockwatch Business Reporter

New York spot gold lost $7.70 to $1,334.60 on Thursday. The TSX Venture Exchange gained 7.27 points to 764.96 while the TSX Gold Index lost 1.92 points to 268.82. Barrick Gold Corp. (ABX) was among the few Canadian gold miners to gain ground today. It rose 33 cents to $27.69 on 8.54 million shares. Alamos Gold Inc. (AGI) led the decline, losing 50 cents to $12.45 on 1.65 million shares.

Darin Labrenz's Pure Gold Mining Inc. (PGM), down four cents to 68 cents on 515,000 shares, has received assays of up to 450 grams of gold over one metre at the Confederation target on its Madsen project near Red Lake in Northwestern Ontario. Several other high-grade assays were received in the latest holes of the company's continuing 51,000-metre drill program, including a 51.9-gram-per-tonne hit over one metre at Austin and 24.0 grams per tonne over one metre at McVeigh.

The Confederation result is intriguing. Mr. Labrenz, president and chief executive officer, says that further study is needed to assess the prospectivity and dimensions of the high-grade, near-surface intercept, although he points out that the gold was not a surprise, as similar rocks produced gold elsewhere in the Red Lake region. Nevertheless, Mr. Labrenz's promotion remains focused on the McVeigh zone, which Pure Gold touts as being a mirror image of Austin, which supported a 36-year mine through the latter half of the 1900s. If so, it would bode well for Pure Gold's plan to revive Madsen, as the earlier mining produced 2.5 million ounces of gold at an average grade of nearly 10 grams per tonne, nearly all of it from Austin.

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