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by Stockwatch Business Reporter

New York spot gold closed down $6.10 to $1,133.70 on Wednesday. The TSX Venture Exchange gained two points to 550 while the TSX Gold Index dropped 0.86 point to 124.74. Most gold miners in Canada lost ground again today, with Agnico Eagle Mines Ltd. (AEM) leading the decline, dropping 61 cents to $31.30 on 1.6 million shares. Goldcorp Inc. (G) was one of just a few gainers, adding four cents to $18.23 on 3.6 million shares.

Kenneth Berry's Theia Resources Ltd. (THH: $0.065) has begun drilling at its 2 X Fred property in central British Columbia. The company can earn a 60-per-cent interest in the property -- more formally called "Two Times Fred" -- by spending $2.5-million over five years and making modest stock payments to the owner, Kootenay Silver Inc. (KTN: $0.235). (The "Fred" is presumably Fred Critchlow, whose private company originally acquired the property.) This is the first drill program on the property, which hosts a series of epithermal quartz veins over an area 2,500 metres long and 1,750 metres wide. Grab and channel samples collected last year produced up to 5.5 grams of gold per tonne, but the average was much lower, just 0.4 gram per tonne.

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