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by Stockwatch Business Reporter

New York spot gold rose $17.40 to $2,297.20 on Wednesday. The TSX Venture Exchange soared 14.36 points to 584.88 while the TSX gold index gained 4.79 points to 302.58. Fortuna Silver Mines Inc. (FVI) did well, adding 72 cents to $6.16 on 3.77 million shares, but Jaguar Mining Inc. (SSRM) was a laggard, dropping seven cents to $2.72 on 192,000 shares.

Collin Kettell and Denis Laviolette's New Found Gold Corp. (NFG) rose 15 cents to $5.05 on 325,000 shares on word of encouraging metallurgical results from its Queensway project in north-central Newfoundland. Work on 116 variability composite samples taken from drill core has shown gold recoveries of between 90 and 96 per cent. The lowest recovery occurred with the composite sample from Golden Joint core, while the best occurred with material from the Keats zone. The other area tested was Lotto, where recoveries were just shy of the Keats result.

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