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by Stockwatch Business Reporter

New York spot gold resumed its advance Wednesday, adding $14.60 to $1,918.10. The TSX Venture Exchange on the other hand dropped 14.51 points to 596.52 while the TSX gold index rose 3.81 points to 285.18. Argonaut Gold Inc. (AR) helped lead the early advance, jumping to an intraday high of 56 cents, but it ended the day up just one cent to 51 cents on 9.21 million shares.

Ari Sussman's Collective Mining Ltd. (CNL) jumped 42 cents to $4.60 on 1.52 million shares on word it has drilled a 35.3-metre interval averaging 7.96 grams of gold and 22 grams of silver per tonne plus 0.09 per cent copper at Apollo on its Guayabales project in Colombia. That near-surface oxide gold hit, from a hole drilled steeply northwestward from the No. 6 pad, occurred at the top of a 359-metre zone that averaged 1.84 grams of gold and 48 grams of silver per tonne plus 0.48 per cent copper.

A second hole drilled from the same pad, this one steeply northward, yielded a 375-metre zone commencing near surface that averaged 0.85 gram of gold and 53 grams of silver per tonne plus 0.34 per cent copper -- again with an enriched oxide zone at the top that contained 3.87 grams of gold and 40 grams of silver across 42.85 metres. Last month, a hole drilled steeply northwestward from the No. 6 pad yielded 385 metres averaging 1.17 grams of gold and 43 grams of silver per tonne plus 0.37 per cent copper, again with a 42-metre enriched oxide zone at the top that averaged 4.81 grams of gold and 23 grams of silver per tonne.

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