TORONTO STOCK EXCHANGE JUNE 3-9

While the TSX Composite Index managed to gain 146.58 points for the June 3-9 trading period, things were looking less rosy by the end of the week. The Bank of Canada — widely anticipated to announce a rate cut — instead said it would hold rates steady as worries over inflation trumped a stalling economy.

Inflation fears often translate into good news for gold, and indeed, the Global Gold Index tracked the price of gold upwards, touching 332.10 — up from 321.89 the previous period — while the yellow metal itself climbed US$8 to US$896.25 per oz.

Base metals prices also held strong, helping the Capped Metals & Mining Index gain some ground. The index was up just over a point to 862.70 as the price of copper, aluminum, nickel, tin and zinc all headed north.

Blue Note Mining’s shares gained a penny to 17 and were the most actively traded amongst miners, with more than 30 million shares changing hands. Helping the company grab attention was its Caribou zinc-lead mine, which hit a new record for ore mined at 95,298 tonnes. The company reported lead recovery of 70.4% and zinc recovery at 81.9%.

Cline Miningwas the second most actively traded. The coal company has been on a tear since announcing its first resource estimate on its Elk Horn property in May. Elk Horn, in Colorado, has a measured and indicated resource of 315 million tons of coal. Prior to the announcement, its shares had been trading in the 40-range, but it finished the period at $2.11, up 33.

Strong intersects from the Little Deer copper property in Newfoundland sent Thundermin Resources shares up 94% to 35. The project is a 50-50 joint venture with Cornerstone Capital Resources, with Thundermin acting as operator.

The company announced on June 9 that it had hit 74 metres of a new sulphide zone.

Results from a gravity survey at its Diabase Peninsula uranium project in Saskatchewan’s Athabasca basin helped lift Nuinsco Resources 21% to 29. The company says it has found domains of lower-density rock, which are often found in proximity to uranium mineralization in the Athabasca.

With the drills readying to turn at its Marg deposit in the Yukon, Yukon Gold was able to make some headway, gaining 20% to finish at 18 for the period.

The company plans to drill 2,000 metres at the advanced-stage copper, lead, zinc, silver and gold deposit in the territory’s Tombstone belt.

Word of the sudden departure of Adanac Molybdenum’s president and chief operating officer, Michael MacLeod, coincided with a falling share price for the company. Adanac’s Ruby Creek molybdenum project, in B. C., contains an open-pit reserve of 157.7 million tonnes grading 0.058% molybdenum using a 0.04% cutoff grade. Current CEO David Stone has taken over as president.

TSX most active issues
		VOLUME	WEEK
		(000s)	HIGH	LOW	CLOSE	CHANGE
Blue Note Mng	BN	31556	0.20	0.16	0.17	+ 0.01
Cline Mng	CMK	26286	2.68	1.60	2.11	+ 0.33
Chariot Res	CHD	26069	1.09	0.93	0.99	+ 0.05
Yamana Gold	YRI	21143	15.79	14.59	15.34	-0.16
Eastern Platin	ELR	20987	2.74	2.51	2.55	-0.19
Kinross Gold	K	18007	20.86	19.08	20.62	+ 0.50
Breakwater Res	BWR	14379	0.67	0.51	0.52	-0.13
Goldcorp	G	13970	43.14	39.00	42.53	+ 1.80
Barrick Gold	ABX	13248	43.49	39.36	42.92	+ 2.52
Eldorado Gold	ELD	12847	8.89	8.31	8.78	+ 0.28

TSX greatest percentage change
		VOLUME	WEEK
		(000s)	HIGH	LOW	CLOSE	CHANGE
Thundermin Res	THR	6093	0.42	0.19	0.35	+ 94.4
Colossus Minls	CSI	516	2.70	2.01	2.65	+ 32.5
Malaga	MLG	4364	0.29	0.19	0.29	+ 31.8
Talon Metals	TLO	35	0.81	0.67	0.81	+ 26.5
Cardero Res	CDU	1144	3.44	2.51	3.26	+ 24.9
Nuinsco Res	NWI	2234	0.34	0.25	0.29	+ 20.8
Mundoro Mng	MUN	442	0.69	0.59	0.65	+ 20.3
Yukon Gold	YK	293	0.19	0.14	0.18	+ 20.0
Entree Gold	ETG	496	1.85	1.40	1.71	+ 18.7
Cline Mng	CMK	26286	2.68	1.60	2.11	+ 18.5
Energem Res	ENM	3027	0.25	0.16	0.18	-28.0
Adanac Moly	AUA	3406	0.72	0.55	0.56	-22.2
Breakwater Res	BWR	14379	0.67	0.51	0.52	-20.0
Independent Ni	INI	498	0.50	0.35	0.39	-17.0
TVI Pacific	TVI	2860	0.06	0.05	0.05	-16.6
Crew Gold	CRU	163	1.44	1.26	1.27	-14.7
Homeland Enrgy	HEG	6343	1.78	1.55	1.65	-14.5
Diamond Fields	DFI	163	0.08	0.06	0.06	-14.2
Polaris Minls	PLS	682	7.04	6.04	6.07	-13.1
Australn Solom	SGA	74	0.46	0.40	0.40	-13.0

2834109

TSX greatest value change
WEEK
		VOLUME	CLOSE	CHANGE
Potash Cp Sask	POT	9572808	226.74	+ 23.37
Agrium	AGU	7874648	96.65	+ 9.31
Timminco	TIM	10744667	34.45	+ 4.00
Inmet Mining	IMN	69.95	+ 3.65
Fording C C T	FDG_U	3777279	83.08	+ 2.56
Barrick Gold	ABX	13248184	42.92	+ 2.52
IShCOMEXGTr	IGT	46787	90.32	+ 2.30
Newmont Mng	NMC	150464	49.94	+ 2.18
Goldcorp	G	13969653	42.53	+ 1.80
Horizns G Bull	HGU	2024756	25.36	+ 1.62
Harry Winston	HW	812555	27.75	-2.60
Labdr I-Ore Ro	LIF_U	452899	56.77	-1.58
Teck Comin B	TCKB	9155613	48.69	-1.32
Russell Metals	RUS	909088	28.86	-1.09
Witwatersrand	WGR	26563	13.99	-0.96
Kirkland Lk Gd	KGI	378712	9.15	-0.95
Polaris Minls	PLS	682127	6.07	-0.92
Major Drilling	MDI	364209	55.39	-0.89
Quadra Mng	QUA	2020809	21.63	-0.86
Centerra Gold	CG	793676	7.50	-0.80