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by Stockwatch Business Reporter
New York spot gold fell $2.70 to $1,217.30 on Thursday. The TSX Venture Exchange lost 5.55 points to 752.93 while the TSX Gold Index dipped 2.99 points to 186.54. Agnico Eagle Mines Ltd. (AEM) led the decline. It slipped $1.32 to $55.56 on 917,000 shares.
Quentin Yarie's Red Pine Exploration Inc. (RPX), unchanged at nine cents on 213,000 shares, has received assays of up to 13.82 grams of gold per tonne over two metres from the Minto Mine South zone at its Wawa gold project in Northern Ontario. The high-grade hit was from one of five new holes completed in the area. All five tests produced gold, including hits of 7.37 and 6.54 grams per tonne, each over two metres. The new assays -- results from 11 more holes are pending -- have extended the high-grade core at Minto Mine South laterally and at depth. As well, visible gold has been observed in new holes drilled at Minto E, a new discovery.
Mr. Yarie, president and chief executive officer, says that the continuing drilling at Minto Mine South "continues to prove high-grade gold into the structure," adding that he was also excited by the discovery of visible gold in adjacent structures, including Minto E. The excitable Mr. Yarie was also excited that the spatial relation between Minto Mine South and the Minto E zone "indicates a structural similarity" with the Parkhill mine, which is the highest-grade deposit historically mined on the property. Therefore, he says Red Pine will continue to explore the multiple discoveries in the Minto area.
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