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by Stockwatch Business Reporter

New York spot gold rose $4.80 Wednesday, reaching $4,071.20. The TSX Venture Exchange rose 5.79 points to 873.45 while the TSX gold index added 10.82 points to 747.51. Most golds were up today, and China Gold International Resources Corp. (CGG) helped lead the way, adding $1.26 to $25.06 on 84,000 shares.

Jorge Ganoza's Fortuna Mining Corp. (FVI) rose 36 cents to $11.97 on 1.49 million shares on an updated reserve and resource estimate for its Seguela mine in Ivory Coast. The company lists a reserve of 13.02 million tonnes grading 2.81 grams per tonne, about 1.18 million ounces spread across eight modest open pit deposits and a stockpile. (The largest deposit, Sunbird, hosts 256,000 of the ounces at 3.31 grams per tonne.)

The company also lists another 7.27 million tonnes indicated at 3.4 grams of gold per tonne and 8.78 million tonnes inferred at 2.52 grams per tonne, a total of 1.51 million additional ounces of gold. Of that, 611,000 ounces are present in open-pittable ore at just under two grams per tonne, while nearly 900,000 ounces are in deeper rock at about 4.4 grams per tonne and require underground mining. And so, all told, Seguela now holds nearly 2.7 million ounces of gold.

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