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by Stockwatch Business Reporter

New York spot gold fell $17.20 to $2,041.20 on Wednesday. The TSX Venture Exchange fell 3.68 points to 550.07 while the TSX gold index shed 5.96 points to 276.33. Most Canadian-listed gold miners moved lower today, some with more vigour than others. Karora Resources Inc. (KRR) helped lead the retreat with a 27-cent drop to $4.61 on 960,000 shares.

First Quantum Minerals Ltd. (FM) defied the downdraft and a five-minute-long regulatory halt, ending the day up $1.32 to $13.29 on 11.74 million shares. These halts are called circuit breakers, as they give investors time to reset their emotional and intellectual circuitry. In this case, it acted more as a defibrillator, restoring an even beat to a market in severe arrhythmia: While First Quantum was up $1.53 when the halt began, it was down 43 cents just nine seconds and several hundred trades earlier. The company had no news on the day.

One gold explorer that did have news was Scott Berdahl's Snowline Gold Corp. (SGD). Snowline rose nine cents to $5.09 on 413,000 shares on a new troika of holes into the Valley zone at its Rogue property in the Selwyn Basin district of eastern Yukon. The three new holes yielded lengthy and higher-grade intersections beginning just below surface -- just not as long nor as rich as some of the earlier hits on the target. The headline hole returned 2.15 grams of gold per tonne across 308.8 metres and the weakest of the three managed 1.41 grams per tonne over 417 metres.

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