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by Stockwatch Business Reporter

New York spot gold fell $2.40 to $4,060.40 on Wednesday. The TSX Venture Exchange lost 13.91 points to 877.79 while the TSX gold index fell 5.51 points to 736.16. Today's big decliner was Altius Minerals Corp. (ALS), which slid $9.99 to $56.05 on 2.47 million shares. The slump was a reaction to yesterday's news that Altius is selling three million shares at $60.50, on a bought-deal basis, to strengthen its balance sheet after making a series of acquisitions earlier this year.

Shane Williams's West Red Lake Gold Mines Ltd. (WRLG) did well on news, adding nine cents to 73 cents on 7.51 million shares. The company cheers "meaningful progress" in the ramp-up of its Madsen mine, near Red Lake in Northwestern Ontario, during the second quarter. The mill averaged 842 tonnes per day, and rates are expected to increase to about 1,000 tonnes per day later this year. As a result of the higher processing rate and an improved grade, Madsen yielded 8,576 ounces of gold in the latest quarter, up handily from the 5,667 ounces it managed in the previous quarter.

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