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by Stockwatch Business Reporter
New York spot gold fell $8.60 to $1,306.20 on Wednesday. The TSX Venture Exchange lost 0.12 point to 620.51 while the TSX Gold Index dipped 0.95 point to 190.11. Eldorado Gold Corp. (ELD), which traded as low as $3.36 a few weeks ago, retreated from Tuesday's high of $5.49 today, dropping 31 cents to $5.16 on 3.35 million shares. The recent enthusiasm was the result of Eldorado suspending its plan to mill ore at Kisladag in Turkey. Instead, it will continue heap leaching, which is more cost effective.
Steven Dean and Robert Atkinson's Atlantic Gold Corp. (AGB), up 2.5 cents to $1.855 on 496,000 shares, has received assays of up to 43.65 grams of gold per tonne over 11 metres at Cochrane Hill, 80 kilometres northeast of the company's Moose River Consolidated mine in Nova Scotia. The latest assays, from another 20 holes of the company's phase 3 resource expansion drill program, produced several other high-grade hits, but over intervals of just one metre. A 19-metre zone did average 2.34 grams per tonne and a 14-metre hit produced two grams per tonne. Those results are in line with the current resource for Cochrane: 10.7 million tonnes measured and indicated at 1.16 grams per tonne and 1.63 million tonnes inferred at 1.32 grams per tonne, a total of 467,000 ounces.
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