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by Stockwatch Business Reporter
New York spot gold rose $2.80 to $1,317.00 on Tuesday. The TSX Venture Exchange lost 4.63 points to 620.63 while the TSX Gold Index rose 1.08 points to 191.06. Alacer Gold Corp. (ASR) followed bullion higher today, adding 13 cents to $3.23 on 2.66 million shares on word that it produced 171,000 ounces of gold last year. Oceanagold Corp. (OGC) bucked the trend today. It slipped 11 cents to $4.24 on 3.76 million shares.
Darin Labrenz's Pure Gold Mining Inc. (PGM), up one cent to 78 cents on 1.02 million shares, has revised its resource estimate for the Madsen project, near Red Lake in Northwestern Ontario. The company now lists 7.2 million tonnes indicated at 8.9 grams of gold per tonne, or 2.06 million ounces. That is a 319,000-ounce increase over the previous calculation. An inferred resource of 1.89 million tonnes at 7.7 grams per tonne provide an additional 467,000 ounces, a 171,000-ounce increase. Pure Gold now has 1.86 million ounces within the Madsen deposit, upon which the company's feasibility study will be based, while the 206,000 ounces within the satellite deposits at Russet South, Fork and Wedge contribute the rest of the indicated resource.
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