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by Stockwatch Business Reporter
New York spot gold gained $6.90 to $1,345.00 on Wednesday. The TSX Venture Exchange rose 6.02 points to 864.35 while the TSX Gold Index rose 1.02 points to 194.49. Endeavour Mining Corp. (EDV), which fell $3.30 Tuesday, regained 91 cents to $22.71 on 3.55 million shares today, after it said that a planned sale of $300-million (U.S.) senior notes will not materially affect its net debt.
Mark O'Dea and Darin Labrenz's Pure Gold Mining Inc. (PGM), up five cents to 59 cents on 1.34 million shares, has received assays of up to 33.3 grams of gold per tonne across 8.3 metres from a hole drilled about three kilometres south of its Madsen mine project, near Red Lake in Northwestern Ontario. This is an important new discovery, the company says, as it adds 1,100 metres of strike length to the Madsen trend and "clearly highlights an exciting new area" for potential resource expansion. The best hit occurred at the southern end of what the company is calling its Wedge target, but promising assays were obtained from holes to the west and north as well. Mr. Labrenz, president and chief executive officer, says that the results "clearly define the growth opportunities and scalability" of the Madsen project. (Things are rarely as clear as through the eyes of a promoter.)
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