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by Stockwatch Business Reporter
New York spot gold gained $5.40 to $1,339.20 on Tuesday. The TSX Venture Exchange gained 1.31 points to 779.76 while the TSX Gold Index added 4.18 points to 212.97. Most Canadian golds moved higher today, led by Yamana Gold Inc. (YRI), which rose 26 cents to $3.91 on 6.76 million shares, and New Gold Inc. (NGD), which gained 33 cents to $4.94 on 3.71 million shares.
Darin Labrenz's Pure Gold Mining Inc. (PGM), up two cents to 62 cents on 1.04 million shares, has received assays of up to 48.4 grams of gold per tonne over six metres at its Madsen gold project near Red Lake in Northwestern Ontario. The best hit came from within the McVeigh deposit but in an area outside the current resource estimate, as did a second high-grade hit that averaged 12.5 grams per tonne over 8.2 metres. As well, the company drilled up to 32.5 grams per tonne over two metres in a (not-so) near-surface hole into the Austin zone. ("Near-surface" and "deep" are relative terms on Howe Street, especially when one is promoting a project in the Red Lake district.)
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