TORONTO STOCK EXCHANGE – NOVEMBER 11-17

Global markets resumed their slide over the Nov. 11-17 trading session and the TSX was no exception. The TSX Composite Index fell roughly 107 points to 8,795.45 over a period that saw U. S. Treasury Secretary Henry Paulson announce a change in direction for the US$700-billion bailout package.

Gold had a rough time as well, losing roughly US$20 to finish the period at around US$735 per oz. The Global Gold Index tracked the metal price, falling roughly 25 points to 186.65.

The base metals complex continued to get hammered as copper, aluminum, nickel, tin and lead prices all fell. Only zinc managed to hold on during the period, albeit at its recent lower price — it finished the session at just US50 per lb.

The Capped Metals and Mining Index shed another 65 points to finish at 249.39.

Teck was the period’s most actively traded stock with nearly 100 million shares changing hands. All the attention, however, was not welcome. Teck’s class B subordinate voting shares fell $4.31 to just $6.64 — a long way off from the $51-mark they reached in May.

The fall has come on the back of a $5.8-billion bridge loan the company took out to finance its takeover of Fording Canadian Coal Trust. Since it announced the deal, coal prices have toppled.

The company says it is considering selling its gold assets to pay the loan. Teck’s class A share were trading at $12.49 apiece at presstime.

Fortunately for High River Gold Mines, its bad news may be behind it. After an operational problem shuttered its ball mill for the whole third quarter, its Taparko-Bouroum gold mine, in Burkina Faso, is back in commercial production. And while the good news was mitigated by the announcement that it would delay the release of its most recent financial statements, High River shares still managed to make a 60% gain to finish the week at 8.

The delay in reporting is due to concerns over the accuracy of financial statements from High River’s 85%-owned subsidiary Buryatzoloto, which runs the Zun-Holba and Irokinda mines in Russia.

Staying with the good news, Oakville, Ont.-based Forsys Metals leapt 33% to $6 after announcing that a group led by Belgian national and Democratic Republic of the Congo mining magnate George Forrest, would buy the company and its key Valencia uranium asset in Namibia for $7 per share in cash, or roughly $580 million.

The deal represents a 55% premium to Forsys’s 20-day trading average, and is a coup for the junior at a time when many of its peers are struggling to stay solvent.

Forsys management says if the deal is completed — it is scheduled to close in early February — they will turn their attention to an offshore oil and gas play in Namibia.

TSX most active issues
VOLUME WEEK
(000s) HIGH LOW CLOSE CHANGE
Teck B TCKB 99980 10.80 5.76 6.64 -4.31
Yamana Gold YRI 47395 5.74 4.61 4.98 -0.89
High River Gol HRG 46922 0.09 0.04 0.08 + 0.03
Uranium One UUU 36966 1.23 0.90 0.97 -0.35
Kinross Gold K 35097 17.25 13.24 14.89 -1.44
HoriznsGBull HGU 34285 7.00 4.57 5.31 -1.78
Eastern Platin ELR 30829 0.36 0.28 0.31 -0.06
Goldcorp G 28705 28.84 22.08 24.25 -3.28
Barrick Gold ABX 25563 29.83 23.79 26.14 -3.81
Lundin Mng LUN 17493 1.87 1.28 1.28 -0.53
TSX greatest percentage change
VOLUME WEEK
(000s) HIGH LOW CLOSE CHANGE
High River Gol HRG 46922 0.09 0.04 0.08 + 60.0
American Bonan BZA 1273 0.04 0.03 0.03 + 50.0
Platinum Gp Mt PTM 176 1.35 0.87 1.30 + 36.8
Forsys Metals FSY 9873 6.10 3.76 6.00 + 33.6
Moneta Porcpn ME 499 0.05 0.04 0.04 + 33.3
Carlisle Goldf CGJ 55 0.04 0.03 0.04 + 33.3
Zincore Mtls ZNC 226 0.04 0.02 0.04 + 33.3
VG Gold VG 962 0.06 0.04 0.05 + 25.0
Nevoro NVR 1294 0.05 0.04 0.05 + 25.0
Diamond Fields DFI 24 0.11 0.08 0.11 + 22.2
Colombia Goldf GOL 1664 0.05 0.01 0.01 -75.0
Katanga Mng KAT 4365 1.58 0.45 0.52 -64.6
Atlanta Gold ATG 110 0.18 0.10 0.10 -61.5
PC Gold PKL 180 0.39 0.11 0.16 -60.0
Avnel Gold AVK 353 0.05 0.02 0.02 -60.0
Treasury Metal TML 125 0.23 0.10 0.10 -58.3
Mercator Mnls ML 13063 1.43 0.57 0.58 -58.2
Orsu Metals OSU 15994 0.11 0.04 0.04 -55.5
Revett Mnls RVM 198 0.20 0.07 0.09 -55.0
Sierra Minls SIM 31 0.08 0.06 0.08 -52.9
TSX greatest value change
WEEK
VOLUME CLOSE CHANGE
Forsys Metals FSY 9873058 6.00 + 1.51
Horizns G Bear HGD 8581331 10.08 + 1.50
Uranium Partic U 1524540 7.31 + 1.22
IShCOMEXGTr IGT 31261 89.12 + 0.94
Tanz Roy Exp TNX 362456 3.14 + 0.44
Franco-Nevada FNV 2353168 16.16 + 0.41
PlatinumGpMt PTM 176030 1.30 + 0.35
PremierGoldM PG 145574 1.79 + 0.15
Geovic Mng GMC 987852 0.91 + 0.13
WGI Heavy Mnl WG 47000 1.00 + 0.09
Potash Cp Sask POT 12454814 84.56 -12.84
Teck A TCKA 58232 12.15 -9.85
Labdr I-Ore Ro LIF_U 1045529 21.64 -8.08
Agrium AGU 10567148 38.10 -6.75
Inmet Mining IMN 2023986 19.55 -5.91
Agnico-Eagle AEM 6710029 36.79 -4.96
Teck B TCKB 99979570 6.64 -4.31
First Quantum FM 1918753 20.04 -3.89
Newmont Mng NMC 180957 28.78 -3.83
Barrick Gold ABX 25563144 26.14 -3.81
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