The TSX Composite Index fell over the Thanksgiving holiday-shortened Oct. 3-6 trading period, dropping 96.5 points to 112,690.89 following the previous week’s rally.
The gold index followed the overall trend, shedding 13.12 points to 268.6; the price of gold was off 7% at US$560.75 per oz. by the end of the session. However, the yellow mellow had recovered partially, rising by 2.5%, and was selling for US$575.25 per oz. in London at presstime.
The diversified miners fared better than their cousins in the gold sector as nickel, lead and zinc all made gains, and copper began to recover from an early period dip. The group was up 3.95 points to 528.06 over the session.
Chariot Resources was the week’s most actively traded company, fuelled by news that its Mina Justa copper project in Peru returned intercepts of 44 metres grading 2.09% copper, including a shorter interval of 16 metres averaging 4.16% copper, and 22 metres of 1.93% copper, including 14 metres of 2.82% copper.
The company also announced it is in the process of a resource estimate update based on the 60,000 metres of drilling it has completed this year. The resource at Mina Justa had previously been estimated at 132.4 million tonnes averaging 0.74% copper with inferred resources pegged at 279.7 million tonnes averaging 0.57% copper.
Perth, Australia-based Paladin Resources was the second most actively traded miner on the week. The uranium pure play was no doubt bolstered by rising uranium prices. The metal’s spot price pushed up into the US$57-per-lb. range in early October trading. Paladin recently announced the commissioning of its Langer Heinrich uranium mine in Namibia, on schedule and on budget.
A busy week for Wallbridge Mining saw the Lively, Ont.-based miner become the biggest percentage gainer for the period. The company was up nearly 16% on the session to 25 after announcing a financing of $2.1 million for its 2007 work program at the Wallbridge/Lonmin Sudbury, Ont., joint-venture properties.
Wallbridge also announced the completion of a deal to acquire Xstrata Nickel’s 36% interest in the Broken Hammer Resource on the Wisner property, as well as the Parkin Offset property. The deal gives Wallbridge a 98.5% interest in both properties.
Broken Hammer has an inferred resource of 251,000 tonnes grading 1% copper and 0.1% nickel. Parkin Offset has an indicated resource of 264,000 tonnes grading 0.7% copper and 0.65% nickel.
Financial woes at Denver, Colo.-based Queenstake Resources’ Jerritt Canyon operation sent the company’s stock down nearly 18% to 25 for the period. On Oct. 4, the company said it would have to cut production at the mine in order to reduce costs.
Production from higher-cost portions of Jerritt Canyon’s three underground mines will be deferred, bringing production for the year down to 160,000 oz. gold at a cash cost of roughly US$420 per oz. in the fourth quarter.
Jerritt has a measured and indicated resource of 8.8 million tonnes containing 2.1 million oz. gold, including roughly 878,000 oz. in reserves.
TSX greatest percentage change
VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | ||
Wallbridge Mng | WM | 196 | 0.255 | 0.20 | 0.255 | +15.9 |
Almaden Mnls | AMM | 187 | 2.89 | 2.51 | 2.82 | +13.7 |
Armistice Res | AZ | 137 | 0.41 | 0.335 | 0.375 | +13.6 |
Mega Uranium | MGA | 3191 | 4.43 | 3.68 | 4.33 | +13.6 |
Fronteer Dev G | FRG | 1869 | 6.70 | 5.70 | 6.70 | +13.5 |
South Am Gld&C | SAG | 1374 | 0.05 | 0.04 | 0.045 | +12.5 |
Aquiline Res | AQI | 1009 | 5.05 | 4.34 | 4.92 | +11.5 |
Augusta Res | AZC | 2365 | 2.43 | 2.00 | 2.43 | +10.4 |
Kirkland Lk Gd | KGI | 358 | 8.69 | 7.50 | 8.49 | +9.8 |
Birim Goldfl | BGI | 134 | 0.42 | 0.365 | 0.42 | +7.6 |
Northgate wtA | NGX.WT.A | 711 | 0.63 | 0.31 | 0.50 | -26.4 |
Northgate M wt | NGX.WT | 850 | 0.60 | 0.40 | 0.50 | -24.2 |
Nevsun Res Wt | NSU.WT | 20 | 1.26 | 1.01 | 1.15 | -23.3 |
Goldstake Exp | GXP | 301 | 0.14 | 0.095 | 0.105 | -19.2 |
Queenstake Rs | QRL | 8522 | 0.30 | 0.255 | 0.255 | -17.7 |
Rio Narcea wt | RNG.WT | 64 | 0.25 | 0.21 | 0.24 | -17.2 |
Pine Valley Mg | PVM | 100 | 0.51 | 0.41 | 0.44 | -16.9 |
New Gold wt | NGD.WT | 11 | 1.35 | 1.11 | 1.30 | -16.1 |
Campbell Res | CCH | 12633 | 0.10 | 0.07 | 0.08 | -15.7 |
Glencairn G wt | GGG.WT | 259 | 0.275 | 0.20 | 0.23 | -14.8 |
TSX greatest value change
VOLUME | CLOSE | CHANGE | ||
Potash Cp Sask | POT | 1527131 | 121.88 | +6.34 |
First Quantum | FM | 1863986 | 57.26 | +2.36 |
Dundee Bancrp | DBC.A | 131186 | 50.34 | +1.85 |
Teck Comin B | TCK.B | 5831891 | 71.00 | +1.50 |
Fronteer Dev G | FRG | 1869195 | 6.70 | +0.80 |
Russell Metals | RUS | 2302911 | 27.11 | +0.76 |
Kirkland Lk Gd | KGI | 358478 | 8.49 | +0.76 |
HudBay Minls | HBM | 5823306 | 14.64 | +0.67 |
Mega Uranium | MGA | 3191227 | 4.33 | +0.52 |
Aquiline Res | AQI | 1009047 | 4.92 | +0.51 |
Glamis Gold | GLG | 6801675 | 40.70 | -2.68 |
ISh COMEX G Tr | IGT | 15985 | 63.87 | -2.20 |
Agnico-Eag wt* | AEM.WT.U | 23811 | 13.00 | -2.03 |
Barrick Gold | ABX | 13699665 | 32.80 | -1.80 |
Agnico-Eagle | AEM | 4704845 | 33.47 | -1.67 |
Fording C C T | FDG.UN | 1722984 | 27.11 | -1.61 |
Goldcorp | G | 22214188 | 24.46 | -1.36 |
Labdr I-Ore Ro | LIF.UN | 269457 | 25.46 | -1.34 |
Newmont Mng | NMC | 694568 | 46.87 | -1.25 |
Alcan | AL | 6848379 | 44.34 | -1.06 |
TSX most active issues
VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | ||
Chariot Res | CHD | 42081 | 0.65 | 0.495 | 0.52 | +0.01 |
Paladin Res | PDN | 26572 | 4.33 | 3.91 | 4.22 | +0.22 |
Bema Gold | BGO | 22783 | 4.95 | 4.49 | 4.69 | -0.20 |
Goldcorp | G | 22214 | 25.20 | 22.97 | 24.46 | -1.36 |
Kinross Gold | K | 19160 | 13.72 | 12.26 | 13.13 | -0.85 |
Equinox Minls | EQN | 15874 | 1.61 | 1.39 | 1.51 | -0.05 |
Chariot Res wt | CHD.WT | 14308 | 0.30 | 0.155 | 0.18 | -0.01 |
Barrick Gold | ABX | 13700 | 33.85 | 31.15 | 32.80 | -1.80 |
Yamana Gold | YRI | 13498 | 10.05 | 8.81 | 9.54 | -0.72 |
Campbell Res | CCH | 12633 | 0.10 | 0.07 | 0.08 | -0.015 |
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