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by Stockwatch Business Reporter

New York spot gold fell $12.70 to $1,204.00 on Wednesday. The TSX Venture Exchange lost 5.15 points to 791.68 while the TSX Gold Index slipped 1.17 points to 208.17. Most Canadian gold miners retreated today, led by Franco-Nevada Corp. (CG), which lost $1.25 to $82.83 on 959,000 shares. Goldcorp Inc. (G) went the other way. It gained 47 cents to $20.24 on 7.58 million shares.

Frank Basa's Granada Gold Mine Inc. (GGM), up one cent to 8.5 cents on 193,000 shares, has received assays of up to 14.5 grams of gold per tonne over 14.5 metres at its Granada project in the Rouyn-Noranda district of Quebec. This is the first result from the company's 8,000-metre drill program that began in December. The assay supports the notion that the high-grade veins intersected several years ago extend at least another 450 metres in the downdip direction. That bodes well for a revised resource calculation, which Mr. Basa, chairman, president and chief executive officer, is promising for later this year.

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