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by Stockwatch Business Reporter

New York spot gold fell $4.50 to $1,305.90 on Wednesday. The TSX Venture Exchange dropped 2.23 points to 609.99 while the TSX Gold Index dipped 1.90 points to 186.81. Several Canadian gold miners kept their morning gains. Torex Gold Resources Inc. (TXG) was among them, adding eight cents to $14 on 276,000 shares. Barrick Gold Corp. (ABX) tumbled 69 cents to $17.02 on 9.13 million shares. The company said today that it lost $1.43-billion (U.S.) last year, most of it on impairment charges and tax adjustments. It also said that it expects to produce between 5.1 million and 5.6 million ounces of gold this year, compared with 4.5 million ounces last year.

Robert Hinchcliffe's Galway Metals Inc. (GWM), up 11.5 cents to 39 cents on 1.86 million shares, has received assays of up to 7.3 grams of gold per tonne over 36.7 metres from drilling at its "brand-new gold discovery" in an untested area between the George Murphy and Jubilee zones at Clarence Stream in southwestern New Brunswick. (This is the Howe Street version of "brand-new" -- the discovery hole was drilled last year and three weeks ago, the company reported visible gold in the core.) The gold-bearing zone featured a 6.5-metre interval that averaged 38.1 grams per tonne across multiple quartz veins that displayed abundant visible gold.

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