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by Stockwatch Business Reporter

New York spot gold fell $6.50, closing at $1,221.10 on Monday. The TSX Venture Exchange gained 1.73 points to 729.64 while the TSX Gold Index gained 2.34 points to 193.47. Centerra Gold Inc. (CG) led the Canadian gold miners gaining ground today. It added 34 cents to $6.60 on 2.70 million shares. Premier Gold Mines Ltd. (PG) led the retreaters, dropping seven cents to $2.44 on 2.60 million shares.

Darin Labrenz's Pure Gold Mining Inc. (PGM), up 1.5 cents to 49 cents on 274,000 shares, has received assays of up to 76 grams of gold per tonne over 2.1 metres from the Russet South zone at its Madsen gold project near Red Lake in Northwestern Ontario. Seven of the latest holes encountered noteworthy amounts of gold in Russet South, one of the satellite deposits that could add appreciable amounts of gold to the Madsen project. Pure Gold had previously been focused on drilling at the largely mined out Austin zone and the McVeigh zone, which it believes is a parallel structure to Austin that could contain a considerable amount of gold.

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