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by Stockwatch Business Reporter

New York spot gold dropped $10.20 to $1,300.50 on Wednesday. The TSX Venture Exchange fell 1.09 points to 776.66 while the TSX Gold Index lost 2.97 points to 195.83. Osisko Gold Royalties Ltd. (OR) was one the few Canadian gold miners to gain ground today. It rose six cents to $16.34 on 954,000 shares. Barrick Gold Corp. (ABX) led the retreat, dropping 42 cents to $20.31 on 6.39 million shares.

Rodney Lamond's Jaguar Mining Inc. (JAG), up 4.5 cents to 31 cents on 1.35 million shares, has received assays of up to 15.9 grams of gold per tonne over an estimated true width of 9.6 metres from deeper sections of one of three holes drilled earlier this year at its Pilar gold mine in Brazil. The two other holes also yielded noteworthy assays at depth.

Mr. Lamond, president and chief executive officer, says that the increasing grades and thicknesses at depth support the company's view that there is strong potential to add significantly to the resource estimates at Pilar, adding that he is "increasingly confident in the resource upside," which could rival the company's Turmalina mine. The gap is closing: Pilar currently hosts 3.3 million tonnes measured and indicated at 4.53 grams of gold per tonne and 1.2 million tonnes inferred at 5.54 grams per tonne, for a combined 694,000 ounces. Meanwhile, Turmalina holds 3.4 million tonnes measured and indicated at 4.93 grams per tonne and another 2.4 million inferred at 6.37 grams per tonne, for a total of 1.04 million ounces.

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