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by Stockwatch Business Reporter

New York spot gold rose $6.30 to $1,312.20 on Thursday. The TSX Venture Exchange lost 1.59 points to 608.40 while the TSX Gold Index added 2.04 points to 188.85. Most Canadian gold miners moved higher today, but Renaud Adams's New Gold Inc. (NGD) did not. It slumped 43 cents to $1.20 on 24.08 million shares on a reported $1.08-billion (U.S.) loss last year, mainly because of weak results at two key Canadian projects. The company took a $735-million (U.S.) impairment hit at Rainy River in Northwestern Ontario and a $218-million (U.S.) hit at its Blackwater project in central British Columbia.

Mr. Adams, president and chief executive officer, says that the fourth quarter was a turning point -- he means (or at least hopes) for the better -- as its Rainy River mine is showing improvement. Mr. Adams says that New Gold expects to produce between 300,000 and 335,000 ounces of gold this year, with up to 270,000 of those ounces coming from Rainy River and 65,000 from New Afton. The company managed 315,000 ounces last year, with 227,000 of them coming from Rainy River.

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