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by Stockwatch Business Reporter

New York spot gold rose $8.40 Wednesday, closing at $3,331.30. The TSX Venture Exchange rose 6.20 points to 718.72 while the TSX gold index added 1.12 points to 498.08. Equinox Gold Corp. (EQX) did well, adding five cents to $8.05 on 4.97 million shares. There is nothing new since the company and Calibre Mining Corp. agreed to merge. Wesdome Gold Mines Ltd. (WDO) lost 14 cents to $18.60 on 756,000 shares. Wesdome also had nothing new to share.

Greg Lang's Novagold Resources Inc. (NG) did have news to share, but it was not taken well by the market, as Novagold fell 24 cents to $5.10 on 1.52 million shares. Novagold increased its share of the mammoth Donlin project in Alaska to 60 per cent during the quarter, when Barrick Gold Corp. (ABX: $28.63) sold its 50-per-cent interest in the project. (Paulson Advisers LLC acquired the other 40 per cent.)

Of course, with an increased share of the project and an eager new partner, Novagold is looking at higher costs to advance the project. Through the first half of the year, Novagold spent just over $10.4-million (U.S.), which it cheered was in line with its guidance. That guidance is set to change, says Mr. Lang, president and chief executive officer, as he and his crew expect Novagold's share to be "higher."

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