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by Stockwatch Business Reporter

New York spot gold added $2.70 to $2,043.20 on Wednesday. The TSX Venture Exchange fell 3.07 points to 537.17 while the TSX gold index lost 0.76 point to 289.85. Argonaut Gold Inc. (AR) led a cadre of Canadian gold miners northward today, adding one-half cent to 45.5 cents on 7.3 million shares. Continuing bad news about its right to mine at Cobre Panama carried First Quantum Minerals Ltd. (FM) lower again today. It slid $1.28 to $11.36 on 16.39 million shares.

Collin Kettell and Denis Laviolette's New Found Gold Corp. (NFG) lost 18 cents to $5.16 on 252,000 shares on word of new assays from the K2 area of its Queensway project in north-central Newfoundland. The latest results are from 43 new holes -- remember that the company's energetic drill program is better measured in kilometres -- of the continuing 500,000-metre program.

A dozen of the holes returned "highlight" results, although the highlights attained lower elevations than what the market has come to expect. Oh, a 2.85-metre interval did average nearly 29 grams of gold per tonne and a 2.45-metre hit in a second hole managed 40 grams per tonne, but both were heavily bolstered by narrow bonanza-grade subsections. (In the latter hole, a 0.75-metre zone graded 127.83 grams per tonne.) There were longer hits, including two that spanned 21.95 metres each, but without any rich subintervals, they graded 2.22 grams and 1.77 grams per tonne respectively.

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