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by Stockwatch Business Reporter

New York spot gold retreated $1.10 to $1,976.60 on Wednesday. The TSX Venture Exchange lost 2.27 points to 622.14 while the TSX gold index fell 0.47 point to 295.47. Most Canadian gold miners stayed close to home today. Victoria Gold Corp. (VGCX) added nine cents to $9.13 on 301,000 shares and Pan American Silver Corp. (PAAS) rose 42 cents to $22.20 on 1.45 million shares, while Agnico Eagle Mines Ltd. (AEM) fell 34 cents to $70.58 on 893,000 shares and Kinross Gold Corp. (K) dropped four cents to $6.79 on 2.61 million shares.

Collin Kettell and Denis Laviolette's New Found Gold Corp. (NFG) dropped three cents to $6.62 on 118,000 shares on new assays from Keats West, at its Queensway project in north-central Newfoundland. The headline hit was a 43-metre stretch beginning 96 metres down hole that averaged 4.43 grams of gold per tonne, and with a true width roughly half of the intersected length. Four short intervals through that zone had double-digit grades, averaging 33.3 grams per tonne across a combined 3.6 metres, thereby leaving the other 39.8 metres with barely 1.8 grams of gold per tonne.

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