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by Stockwatch Business Reporter

New York spot gold rose $22.70 to $1,349.40 on Wednesday. The TSX Venture Exchange gained 14.46 points to 825.38 while the TSX Gold Index rose 8.40 points to 251.89. Canadian gold miners had a strong day, led by Alacer Gold Corp. (ASR), which gained 23 cents to $3.40 on 2.27 million shares and Eldorado Gold Corp. (ELD), which added 33 cents to $4.74 on 7.89 million shares.

Darin Labrenz's Pure Gold Mining Inc. (PGM), up seven cents to 73 cents on 1.74 million shares, has received assays of up to 50.2 grams of gold per tonne over 4.0 metres from continuing drilling at the McVeigh zone on its Madsen project near Red Lake in Northwestern Ontario. Several other encouraging assays came from the program, at both McVeigh and the nearby Austin zone. Mr. Labrenz, president and chief executive officer, says that the results are "adding confidence and continuity" to an underground gold that has the potential to expand upon the company's mine plan.

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