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by Stockwatch Business Reporter

New York spot gold fell $10.80 Wednesday, closing at $2,558.20. The TSX Venture Exchange fell 6.14 points to 576.21 while the TSX gold index dropped 3.49 points to 370.07. New Found Gold Corp. (NFG) struggled along, falling 14 cents to $3.64 on 408,000 shares today. The company has fallen into another news slump despite its major drilling effort at Queensway in north-central Newfoundland. Kinross Gold Corp. (K) kept it company, losing 22 cents to $12.55 on 8.22 million shares today, but Hudbay Minerals Inc. (HBM) bucked the trend, adding seven cents to $10.34 on 3.59 million shares.

Catalin Kilofliski's Canagold Resources Ltd. (CCM) rose two cents to 34 cents on 195,000 shares on assays from two new holes drilled at its New Polaris gold project in northwestern British Columbia. Each hole returned two high-grade hits. The headliner managed 10.8 grams of gold per tonne across 4.3 metres, just beneath a 3.6-metre zone that graded 10.4 grams per tonne. The other hole delivered 14.1 grams of gold per tonne across 1.1 metres, with a deeper hit that ran 10.4 grams per tonne over 1.2 metres.

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