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by Stockwatch Business Reporter

New York spot gold fell $12.90 to $1,324.00 on Wednesday. The TSX Venture Exchange dropped 28.27 points to 789.52 while the TSX Gold Index lost 18.53 points to 238.09. Canadian gold miners fell sharply today. Agnico Eagle Mines Ltd. (AEM) fell $4.95 to $67.24 on 1.60 million shares and Iamgold Corp. (IMG) slumped 61 cents to $5.05 on 7.43 million shares.

Dr. David Palmer's Probe Metals Inc. (PRB), down 10 cents to $1.40 on 316,000 shares, has discovered a new gold zone along the Lower Detour gold trend at its 29,100-hectare Detour Quebec project, 190 kilometres north of Rouyn-Noranda in Quebec. The company and SOQUEM Inc., which is earning a 50-per-cent interest in the project, have received assays from a 10-hole, 2,900-metre drill program completed earlier this year. Results from one of the holes included a 3.4-metre interval that assayed 5.3 grams of gold per tonne. A second hole yielded modest amounts of gold; the other eight produced none.

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