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by Stockwatch Business Reporter
New York spot gold gained $8.10 to $1,319.40 on Wednesday. The TSX Venture Exchange rose 0.11 point to 615.20 while the TSX Gold Index dipped 0.07 point to 188.10. Most Canadian gold miners moved lower this morning but recovered later in the day. Yamana Gold Inc. (YRI) ended the day up five cents to $3.66 on 8.9 million shares and Kinross Gold Corp. (K) closed up two cents to $4.36 on 8.61 million shares. Osisko Gold Royalties Ltd. (OR) bucked the trend: It opened strong then lost most of its gain, closing two cents higher at $12.61 in 2.63 million shares. Iamgold Corp. (IMG) lost one cent to $4.73 on 4.16 million shares after a 26-cent gain yesterday. That jump followed word that the company will not proceed with construction of a gold mine at Cote, in Northwestern Ontario, a decision cheered by investors and analysts.
Ari Sussman and Paul Begin's Continental Gold Inc. (CNL), up eight cents to $2.26 on 2.16 million shares, has updated its resource estimate for the Buritica project in Colombia. The deposit now holds an estimated 16.02 million tonnes measured and indicated at 10.32 grams of gold and 40.8 grams of silver per tonne, plus another 8.56 million tonnes inferred at 8.56 grams of gold and 37.3 grams of silver per tonne, for a total of 11.34 million ounces of gold and 47.2 million ounces of silver. Nearly all the precious metals reside within the Yaragua and Veta Sur vein systems, while 300,000 ounces of gold and 700,000 ounces of the silver lie within the lower-grade BMZ area.
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