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by Stockwatch Business Reporter

New York spot gold added $1.50 to $3,021.20 on Wednesday. The TSX Venture Exchange dropped 8.57 points to 638.06 while the TSX gold index shed 3.84 points to 441.16. New Found Gold Corp. fell out of bed yesterday, dropping 66 cents to $1.59 on 9.96 million shares on word of its maiden resource estimate for Queensway in Newfoundland. Today, it rolled about in agony on the floor as it lost 12 cents more, ending the day at $1.47 on 4.56 million shares.

Alan Carter's Cabral Gold Inc. (CBR) rose 1.5 cents to 37 cents on 588,000 shares on new assays from the Machichie Main gold deposit on its Cuiu Cuiu district project in Brazil. One of the 11 new holes yielded a 10-metre surface-based interval grading 2.24 grams of gold per tonne, with a three-metre somewhat deeper zone grading 15.91 grams per tonne. Both those hits occurred in oxide material. A third zone, deeper but still shallow, hit fresh rock. It delivered 0.89 gram per tonne over 11 metres.

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