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by Stockwatch Business Reporter
New York spot gold gained $1.30 to $1,320.70 on Thursday. The TSX Venture Exchange rose 7.52 points to 622.72 while the TSX Gold Index added 3.38 points to 191.48. Most Canadian gold miners moved higher today. George Burns's Eldorado Gold Corp. (ELD) led the way, adding $1.06 to $4.92 on 4.79 million shares. The company is set to resume mining, crushing, stacking and heap leaching at its Kisladag gold mine in Turkey. Absent from that list is milling, a previously announced plan, which has now been suspended. Mr. Burns, president and chief executive officer, says that the heap leaching recoveries have improved, and it is now more cost effective than milling.
Alex Pismiris and Dale Ginn's Pacton Gold Inc. (PAC), up one-half cent to 27 cents on 389,000 shares, has begun preliminary work at its Red Lake gold project in Northwestern Ontario. Mr. Pismiris, interim president and CEO, says that the heliborne magnetic survey now under way is the first step in the prioritizing of upcoming drill targets as part of the company's "aggressive exploration strategy going forward in this prospective area." (Unfortunately, this bit of puffery is the only suggestion that Pacton offers about the possibility of drilling any time soon.)
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