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by Stockwatch Business Reporter
New York spot gold fell $0.20 to $1,504.90 on Wednesday. The TSX Venture Exchange dipped 2.07 points to 550.60 while the TSX Gold Index lost 1.73 points to 248.60. Most Canadian gold miners lost ground today, although news was sparse. Torex Gold Resources Inc. (TXG), which fell 48 cents to $17.14 on 394,000 shares, did have news -- if saying that its third-quarter report is expected at the end of the month qualifies as having news. Torex said last week that it produced nearly 140,000 ounces of gold in the quarter, information that sent the stock up 84 cents to a high of $18.40.
A low-grade hit at Madsen, near Red Lake in Northwestern Ontario, sent Darin Labrenz's Pure Gold Mining Inc. (PGM) up two cents to 60 cents on 416,000 shares. The result, 2.2 grams of gold per tonne over 10.4 metres, came from a hole drilled in a "widespread gap" midway between the near-surface Russet South deposit and the high-grade gold encountered at depth in the No. 8 zone at Madsen. Mr. Labrenz, president and chief executive officer, cheered the result, noting that building predictable gold continuity and expanding the scale of the Madsen gold complex have been a central focus and achievement for the company.
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