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by Stockwatch Business Reporter

New York spot gold fell $14.90 $1,173.00 on Wednesday. The TSX Venture Exchange gained 2.06 points to 736.97 while the TSX Gold Index lost 4.22 points to 190.81. Most Canadian gold miners retreated today, led by Agnico Eagle Mines Ltd. (AEM), which fell $1.17 to $55.20 on 1.79 million shares. Eldorado Gold Corp. (ELD) posted one of the few gains, adding seven cents to $3.70 on 9.40 million shares.

Albert Matter and James Anderson's NuLegacy Gold Corp. (NUG), up two cents to 29.5 cents on 349,000 shares, has received assays of up to 2.11 grams of gold over 14.8 metres at the North zone on its Iceberg oxide gold deposit in Nevada. That hit came from a moderate step-out hole on the northwestern side. Two other holes continue to expand the North zone southward, suggesting it may connect with the Central zone. NuLegacy also received gold-bearing assays from the Central zone and the recently discovered West zone, but the grades were well under one gram per tonne. Investors nevertheless found the assays more encouraging than those that NuLegacy received early this month. That batch included several misses all but one of the rest failed to hit the one-gram-per-tonne mark. That disappointment propelled the company's stock downward from 45 cents to barely 20 cents by mid-November.

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