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by Stockwatch Business Reporter
New York spot gold gained $7.40 to $1,158.30 on Tuesday. The TSX Venture Exchange rose 11.40 points to 773.77 while the TSX Gold Index added 6.89 points to 201.14. Iamgold Corp. (IMG) led most Canadian miners higher, gaining 35 cents to $5.54 on 5.88 million shares.
Now, a little history and an update.
Vance White's Noble Mineral Exploration Inc. (NOB), up one-half cent to 1.5 cents on 2.33 million shares, says it has "addressed and shed light" about why its drilling program in 2012 failed to identify the historical gold resource at Lucas in Northern Ontario. Mr. White, president and chief executive officer, says that the error was the result of the company using the incorrect reference coordinate system (NAD) because there were too many conversions and reversions between the two reference systems, the old NAD 27 and the current NAD 83, over the years. (The difference can be significant. Other explorers who got their NADs mixed up reported the difference as being 220 metres to the north and over 60 metres to the east.)
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