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by Stockwatch Business Reporter
New York spot gold slipped $4.40 to $1,312.70 on Wednesday. The TSX Venture Exchange rose 18.90 points to 889.94 while the TSX Gold Index lost 1.49 points to 197.85. Goldcorp Inc. (G) moved higher, adding 21 cents to $16.72 on 5.08 million shares, while Torex Gold Resources Inc. (TXG) led the majority of Canadian golds in retreat, dropping 81 cents to $10.66 on 1.31 million shares.
Stefan Spears and Robert McEwen's Inventus Mining Corp. (IVS), down four cents to 27 cents on 370,000 shares, has completed a 1,000-tonne bulk sample at its Pardo paleoplacer gold project near Sudbury. The test produced 4,160 grams from 985 dry tonnes of feed, or 4.2 grams of gold per tonne. Subsequent work on the tailings suggested another 440 grams were left behind, implying a recovery rate of 89 per cent. The outcome was encouraging, as assays from 11 holes drilled in the area where the bulk sample had been collected had averaged just 1.34 grams of gold per tonne. Although Inventus is paying Mr. McEwen's McEwen Mining Inc. (MUX: $2.92) about $50,000 for processing the sample, it will reap a profit as the recovered gold is worth considerably more than that.
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