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by Stockwatch Business Reporter

New York spot gold rose $4.30 to $1,295.80 on Tuesday. The TSX Venture Exchange rose 6.09 points to 767.85 while the TSX Gold Index added 2.03 points to 189.91. Detour Gold Corp. (DGC) led Canadian gold miners higher, adding 30 cents to $10.37 on 1.61 million shares. Centerra Gold Inc. (CG) went the other way, falling 13 cents to $6.87 on 847,000 shares.

Darin Labrenz's Pure Gold Mining Inc. (PGM), up one cent to 65 cents on 892,000 shares, has new high-grade assays from the McVeigh domain at its Madsen project near Red Lake in Northwestern Ontario. The best of the assays, 57.1 grams of gold per tonne across 22.1 metres, came from tightly spaced drilling in the area where the company plans to collect a 7,200-tonne bulk sample later this year. (The rich zone was bolstered by a 5.2-metre subinterval that averaged 232.4 grams per tonne.) Several other holes in the area produced grades topping 10 grams per tonne across intervals ranging from 1.5 metres to 4.5 metres. The drilling also targeted nearby parallel gold-bearing structures beyond the bulk sample site. Those tests produced assays of up to 19.6 grams per tonne across 4.5 metres in the South Austin zone and 78 grams per tonne over 1.5 metres in the McVeigh zone.

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