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by Stockwatch Business Reporter

New York spot gold dropped $3.20 to $1,197.90 on Tuesday. The TSX Venture Exchange rose 4.39 points to 723.75 while the TSX Gold Index rose 0.16 point to 155.25. Most Canadian gold miners were lower today. New Gold Inc. (NGD) lost five cents to $1.39 on 2.39 million shares and Centerra Gold Inc. (CG) lost nine cents to $5.39 on 696,000 shares. Barrick Gold Corp. (ABX) managed a modest gain, adding 11 cents to $13.61 on 3.41 million shares.

Dr. David Palmer's Probe Metals Inc. (PRB), up six cents to $1.26 on 996,000 shares, has received assays of up to 3.2 grams of gold per tonne over 45.5 metres from the latest holes completed into its Val d'Or East project in Quebec. (The unimaginative property name gives all one needs to know about its geographic details.) The assays are from 48 holes spanning 18,000 metres of the company's continuing 85,000-metre drill program. The top hit, which included a subinterval averaging 5.3 grams per tonne across 20.5 metres, came from the New Beliveau Dike area. Another long hit, returning 2.8 grams per tonne over 47 meters, also occurred in that area. There were also several gold hits in the North Zone area, including 5.7 grams per tonne across nine metres within a 41.5-metre intercept that averaged 1.6 grams per tonne.

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