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by Stockwatch Business Reporter
New York spot gold gained $5.30 to $1,194.40 on Wednesday. The TSX Venture Exchange fell 10.40 points to 692.56 while the TSX Gold Index added 3.22 points to 157.90. Most Canadian gold miners moved higher today, although Detour Gold Corp. (DGC) was an exception, dropping 10 cents to $10.37 on 1.06 million shares. Goldcorp Inc. (G) added 34 cents to $13.20 on 4.84 million shares.
Robert Dodds and Quentin Yarie's Red Pine Exploration Inc. (RPX), up one-half cent to 5.5 cents on 1.33 million shares, has received assays of up to 7.15 grams of gold per tonne over 5.1 metres from its Wawa gold project in Northern Ontario. The assays, from the last 19 holes drilled over the past year as a test of the southern extension of the Minto Mine South zone, also yielded 9.93 grams of gold per tonne over 2.9 metres within a 15-metre interval that averaged 3.3 grams per tonne. The drilling also produced hits on several new veins in the Minto stockwork, with assays of up to 18.4 grams per tonne over one metre. Mr. Yarie, president and chief executive officer, says that this last round of assays confirm that high-grade mineralization persists in the southern extension of the Minto Mine South zone. This, he says, should have a positive effect on the upcoming resource estimate for the area.
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