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by Stockwatch Business Reporter

New York spot gold rose $17.30 to $1,981.90 on Friday. The TSX Venture Exchange rose 6.40 points to 630.01 while the TSX gold index rose 2.38 points, closing at 308.83. Canadian gold miners traded gained altitude for the most part, and while one major explorer with an advancing chart of late, New Found Gold Corp. (NFG), did drop early, it closed 11 cents higher to $6.97 on 302,000 shares. Endeavour Mining PLC (EDV) helped lead the advance, adding $1.11 to $32.84 on 1.28 million shares despite being silent this week.

One company with news today -- good news for a change -- was Argonaut Gold Inc. (AR). Argonaut got as high as 69 cents in intraday trading on word of significant increases in its reserve and resource estimates at Magino, its troubled, under construction mine in Northern Ontario, and at Florida Canyon, in Nevada. The new estimate, says Mr. Young, president and chief executive officer, "underpins our belief that the combination of Magino and a development of Florida Canyon can provide the foundation for Argonaut's transition into a low-cost, mid-tier gold producer."

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