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by Stockwatch Business Reporter

New York spot gold fell $5.60 to $1,321.40 on Wednesday. The TSX Venture Exchange gained 6.98 points to 801.47 while the TSX Gold Index added 4.07 points to 241.88. New Gold Inc. (NGD) lost 15 cents to $5.83 on 6.54 million shares, but most Canadian gold miners shook off bullion's decline. Yamana Gold Inc. (YRI) added 14 cents to $5.85 on 9.27 million shares.

Irwin Olian's African Queen Mines Ltd. (AQ), unchanged at 4.5 cents on 636,000 shares, has received assays of up to 4.1 grams of gold per tonne over 11.0 metres from one of four holes drilled at its Yellowjacket project in northwestern British Columbia. (The company acquired Yellowjacket just over a year ago and has been adding claims to the project since then.) That best hit included a 1.08-metre interval that ran 37.1 grams per tonne. Two other holes yielded lesser amounts of gold over shorter intervals. The fourth hole -- and technically the third one as well -- had to be abandoned before they hit the main target.

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