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by Stockwatch Business Reporter

New York spot gold retreated $6.70 to $1,279.00 on Wednesday. The TSX Venture Exchange lost 9.00 points to 653.37 while the TSX Gold Index slipped 8.15 points to 213.07. Canadian gold stocks followed bullion lower, although Iamgold Corp. (IMG) was an exception. It gained three cents to $4.11 on 4.99 million shares. Alamos Gold Inc. (AGI) dropped 70 cents to $8.21 on 1.48 million shares.

Darin Labrenz's Pure Gold Mining Inc. (PGM), unchanged at 60 cents on 884,000 shares, has received assays of up to 20.1 grams of gold over 2.9 metres in the Russet South target at its Madsen project, near Red Lake in Northwestern Ontario. The assays, from five new holes drilled into what Pure Gold calls its Beta and Kappa zones, yielded other high-grade hits although they were over narrower intervals. Mr. Labrenz, president and chief executive officer, says his company's winter drill program at Russet South has successfully extended the near-surface mineralization discovered last year, adding that the results support the potential for Russet South to provide nearby mill-feed in the future.

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