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by Stockwatch Business Reporter
New York spot gold fell $1.10 to $1,566.40 on Wednesday. The TSX Venture Exchange fell 1.39 points to 571.73 while the TSX Gold Index lost 3.12 points to 257.94. Most Canadian gold miners retreated today, although Kinross Gold Corp. (ABX) stayed positive, adding two cents to $6.64 on 3.61 million shares. Premier Gold Mines Ltd. (PG) lost seven cents to $1.52 on 3.62 million shares following word late yesterday that it was offering 22 million shares at $1.50. Today, it boosted the placement to 25.34 million shares, citing "strong demand." The $38-million to be raised is for work at Mercedes, South Arturo, and McCoy-Cove, working capital and, perhaps, debt reduction.
Taj Singh's Discovery Metals Corp. (DSV), down four cents to 66 cents on 411,000 shares, has received assays of up to 0.38 gram of gold and 74 grams of silver per tonne, plus 1.1 per cent each of lead and zinc, over 105.9 metres at its Cordero project in Chihuahua, Mexico. The assays are from the second batch of holes completed in the company's continuing 35,000-metre drill program. Results from the first four holes, revealed a month ago, ranged as high as 1.96 grams of gold and 117 grams of silver per tonne over 68.1 metres, also with modest amounts of lead and zinc.
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