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by Stockwatch Business Reporter

Well, that was brief: New York spot gold retreated today after a concerted drive carried it above $4,000 yesterday. Today it was down $64.90 to $3,975.20 by the break. The TSX Venture Exchange shed 19.04 points to 994.27, while the TSX gold index slumped 30.87 points to 725.36. Most Canadian gold miners retreated today. Iamgold Corp. (IMG) dropped $1.03 to $17.67 on 7.03 million shares, while Endeavour Silver Corp. (EDV) lost 90 cents to $10.64 on 4.41 million shares. Taseko Mines Ltd. (TKO) did well on the other hand, as it added nine cents to $6.24 on 2.3 million shares.

Shane Williams's West Red Lake Gold Mines Ltd. (WRLG) did well, adding three cents to $1 on 12.53 million shares, but it had news to buck the trend. The company has drilled a new high-grade lens in the lower area of the Austin zone of its Madsen mine, near Red Lake in Northwestern Ontario, with one hit returning a 7.8-metre intercept grading 139.45 grams of gold per tonne. It had company: A second hole yielded 74.7 grams per tonne across 8.7 metres and a third delivered 18.31 grams per tonne across 7.5 metres.

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