Toronto Stock Exchange September 11-17

Higher gold prices were seen as one of the saviours of the TSX Composite Index over the Sept. 11-17 trading session; the index finished the week 105.58 points higher at 13,809.86, despite continued worries over the slowing of the U.S. economy.

Gold’s bullish run lifted it another US$15.50, finishing the period at US$719 per oz. That helped miners like Yamana Gold — the period’s most actively traded with over 62 million shares changing hands — finish 25 higher at $12.19. Fellow gold miners Meridian Gold, Kinross Gold and Goldcorp also moved up on high volumes. Overall, however, stronger prices had only a marginal effect on the Global Gold Index. It gained just 1.85 to finish at 294.68.

The Capped Metals and Mining Index followed the market’s upward trend, climbing 23.72 points. While copper was down for the period, its price was gaining at presstime on low stockpiles at the London Metal Exchange. Nickel prices were higher as well, finishing at US$12.72 per lb., with lead, zinc and tin also seeing a lift.

Gains on base metals, however, were mitigated by fears of a U.S. economic slowdown squeezing demand. The U.S. is the second-largest consumer of copper.

Africo Resources made the biggest gains for the period after the Democratic Republic of the Congo’s (DRC) justice minister issued a letter saying that it, and not rival Akam, was the rightful owner of the Kalukundi copper and cobalt property. News of the letter sent the company’s shares up 70% to $1.70.

Khan Resources was also the recipient of good news from government. After being told in August that its exploration licence for the Additional Dornod uranium property was being revoked, the Mongolian government did an about-face. The government now says the licence will remain in Khan’s possession, but that the company will have to upgrade to a mining licence. The company’s shares soared nearly 44% on the news to $2.46.

Fellow uranium explorer Western Prospector Group also made gains on the news, climbing 60% to $2.37 per share. The company holds exploration licences at the Saddle Hills uranium project in Mongolia.

Renewed confidence in the Mongolian government also aided fellow Canadian miner QGX, which has coal and other properties in the country. The company’s shares gained 34% to $3.22 apiece for the week.

On the downside, Gabriel Resources took the brunt of market dissatisfaction after the Romanian government announced it was suspending its environmental impact assessment review of the company’s Rosia Montana gold project. The suspension comes on the heels of a court challenge to the environmental process by two NGOs, one of which — the Open Society Institute — is tied to billionaire philanthropist George Soros. The NGOs are challenging the validity of a certificate needed to win a construction permit.

TSX greatest percentage change

VOLUME(000s) HIGH LOW CLOSE CHANGE
Africo Res ARL 668 2.25 1.00 1.70 + 70.0
New Gold wt NGD_T 19 0.17 0.15 0.16 + 60.0
Khan Res KRI 6014 2.60 1.79 2.46 + 43.8
QGX QGX 1037 3.26 2.32 3.22 + 34.1
Kinross Gld wt K_T 1281 0.40 0.28 0.34 + 25.9
Strateco Res RSC 12210 2.53 1.94 2.35 + 24.3
Moydow Mns Int MOY 64 0.25 0.235 0.25 + 21.9
Golden Peaks GL 72 2.32 1.85 2.28 + 21.9
Grande Cache C GCE 2343 1.25 0.99 1.21 + 21.0
Spur Ventures SVU 5101 0.64 0.49 0.59 + 20.4
Glencairn G wt GGG_T 225 0.035 0.025 0.025 28.5
Gabriel Res GBU 15336 3.66 2.00 2.42 28.4
Sulliden Expl SUE 408 0.36 0.26 0.28 26.3
Ascendant Copp ACX 1929 0.23 0.165 0.18 21.7
Franc-Or Res FOR 12 0.18 0.18 0.18 16.2
Yukon Gold YK 51 0.36 0.30 0.30 14.2
Glencairn Gold GGG 8631 0.195 0.14 0.155 13.8
American Bonan BZA 513 0.22 0.19 0.19 13.6
Orvana Mnrls ORV 479 0.84 0.70 0.72 13.2
Tiomin Res TIO 9611 0.115 0.095 0.10 13.0

TSX greatest value change

VOLUME CLOSE CHANGE
First Quantum FM 3027350 86.75 + 11.05
Cameco Corp CCO 10516889 44.20 + 2.80
Inmet Mining IMN 1556511 96.29 + 2.42
Labdr I-Ore Ro LIF_U 503099 38.80 + 2.27
Altius Mnrls ALS 845134 19.89 + 1.74
Uranium One UUU 15258948 12.70 + 1.70
Fronteer Dev G FRG 1274206 9.70 + 1.55
Denison Mines DML 7654676 10.25 + 1.52
Agrium AGU 4688028 50.45 + 1.45
Gammon Gold GAM 4938981 9.80 + 1.40
Agnico-Eagle AEM 5532823 49.24 2.06
Alcan AL 3609004 101.83 1.97
Katanga Mng KAT 5697455 18.05 1.67
Gabriel Res GBU 15335838 2.42 0.96
Teal Expl & Mg TL 100765 5.30 0.79
Potash Cp Sask POT 4076917 91.88 0.62
Dynasty Met&Mn DMM 286925 7.64 0.55
Gold Reserve GRZ 339789 4.41 0.55
Barrick Gold ABX 14872576 38.42 0.54
Central Gold-T GTU_U 21175 27.45 0.53

TSX most active issues

VOLUME(000s) HIGH LOW CLOSE CHANGE
Yamana Gold YRI 62073 12.45 11.85 12.19 + 0.25
Breakwater Res BWR 39356 2.54 2.36 2.47 + 0.06
Northern Orion NNO 34997 6.44 5.69 5.75 0.37
Meridian Gold MNG 23255 31.70 30.01 30.89 + 0.65
Kinross Gold K 22784 14.74

13.97 14.40 + 0.38
Goldcorp G 19194 28.75 27.15 28.50 + 1.23
Equinox Minls EQN 18609 3.99 3.68 3.84 + 0.17
Gabriel Res GBU 15336 3.66 2.00 2.42 0.96
Uranium One UUU 15259 13.09 11.01 12.70 + 1.70
Paladin Res PDN 15107 6.07 5.04 5.89 + 0.80

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