Newlyweds reaffirm their vows

The Toronto Stock Exchange’s S&P-TSX composite index saw its recent ascent flatten out somewhat with a 99.4-point gain to make 8,418.38 points by the end of the May 26-June 1 report period.

The gold and diversified metals and mining indices also continued to climb but couldn’t keep up the pace of the previous period. The golds ended 3.9 points higher at 222.32, while the base metal miners grabbed 1.06 points to hit 203.91.

Wheaton River Minerals and Iamgold circled the wagons and rebuffed their respective American suitors. The pair believe their planned union is still a better opportunity for shareholders than the rival bids by Coeur d’Alene Mines and Golden Star Resources. Coeur has offered Wheaton shareholders US$3.28 in cash or 0.649 of one of its own shares for each Wheaton share; Golden Star is offering 1.15 of its shares for each share of Iamgold. Wheaton and Iamgold intend to ask shareholders to approve their nuptials on June 8. That deal would see the two combine at a rate of 0.55 of an Iamgold share for each Wheaton share to beget Axiom Gold. Shares in Wheaton rose 9 to $3.99, while Iamgold grabbed a quarter to make $7.55. For their part, Golden Star’s shares slipped 66 to $6.54.

South African gold miner Thistle Mining was among the most active mining issues during the period, gaining 3.5 to 18 on nearly 12 million shares. In addition to reporting a first-quarter loss of US$6.8 million, the company has defaulted on a $5.5-million loan payment to South Africa’s Standard Bank.

Asia Pacific Resources was also busier than usual finishing 3 higher at 12.5 with around 8.3 million shares traded. Recently, the company privately placed 99.4 million units at a dime apiece. A unit includes a share accompanied by one warrant, and each warrant is good for an additional share at 12.5 each. The warrants are good for two years or for 10 days following the issuance of a mining license for the company’s Udon Thani Potash properties in Thailand. The company’s largest shareholder, Olympus Capital Holdings Asia I, has converted its US$2-million loan into 27.8 million units, making Asia Pac debt-free.

A late-period surge saw Manhattan Minerals finish 7, or nearly 47%, higher at 22. The company recently installed veteran mining and engineering executive Peter Guest as its president and CEO, and approved a non-brokered private placement of 666,666 shares at 15 per share to a company insider.

Shares in uranium giant Cameco managed to rise $1.38 to $70.74 even after the company said its US$333-million plan to acquire American Electric Power’s 25.2% stake in the two 1,250-MW nuclear reactors that comprise the South Texas project will likely fall through. Two current co-owners, Texas Genco and the San Antonio City Public Service Board, plan to exercise their rights of first refusal on AEP’s stake. Cameco is entitled to US$7 million in compensation if the deal does fail.

In other uranium news, Aussie explorer Southern Cross Resources has cut a new zone of uranium mineralization on the Brooks Dam prospect, 500 metres northwest of the Honeymoon deposit. Earlier this year, a 49-hole drilling program failed to boost resources at the Honeymoon project. The company’s shares finished a penny poorer at 98.