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by Stockwatch Business Reporter
New York spot gold rose $11.60 to $1,496.90 on Wednesday. The TSX Venture Exchange added 3.60 points to 586.16 while the TSX Gold Index rose 2.01 points to 240.92. Most Canadian gold miners moved higher today with bullion. Oceanagold Corp. (OGC) added 15 cents to $3.24 on 4.54 million shares. Newmont Goldcorp Corp. (NGT), which has been in a minor slump since trading near $55 last week, had a good day, reclaiming 91 cents to $50.98 on 359,000 shares.
Stan Bharti and Marco Durante's African Gold Group Inc. (AGG) added three cents to 48 cents on 2.05 million shares on word that its Kobada gold project in southern Mali may be bigger than previously thought. The project cleared feasibility three years ago, based on a reserve of 12.7 million tonnes averaging 1.25 grams of gold per tonne; a total of 511,000 ounces of gold.
The company is now working on an updated definitive feasibility study that will incorporate the results of 18,000 metres of new drilling, now under way, into an upgraded geological model that could allow the company to double its proposed production rate to 100,000 ounces per year. Danny Callow, chief operating officer, says that this is an exciting time at Kobada, as African Gold moves toward the construction phase. That motion is merely the company warming up its muscles, as the new feasibility study, a production decision and financing presumably lie ahead.
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