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by Stockwatch Business Reporter

New York spot gold dropped $10.40 to $2,018.70 on Tuesday. The TSX Venture Exchange slid 9.99 points to 534.77 while the TSX gold index lost 3.68 points to 283.20. Most Canadian gold miners moved southward today. Torex Gold Resources Inc. (TXG) led the retreat, falling $1.10 to $14.20 on 785,000 shares.

Shane Williams's West Red Lake Gold Mines Ltd. (WRLG) was another with a noteworthy decline, but it had news to prod it along. The company has assays from several new holes drilled in the South Austin zone of its Madsen mine, near Red Lake in Northwestern Ontario. The headline hit yielded nearly 297 grams of gold per tonne, but over just one isolated near-surface metre.

A slightly shallower interval in that hole averaged 42.4 grams per tonne across three metres. As well, this new batch of assays yielded several other high-grade veins that bolstered thicker intercepts. A seven-metre hit averaged 21.6 grams of gold per tonne and a 5.3-metre interval ran 16.17 grams per tonne. Mr. Williams, CEO, deemed the assays "fantastic" and representing "growth to the existing Madsen resource," but the market was in a dour mood today: West Red Lake fell three cents to 69 cents on 606,000 shares.

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