The return of investor confidence in a global economic recovery had the TSX composite index finishing the June 7-11 period higher.
That confidence was, in part, connected to reforms in Europe aimed at avoiding another Greek-like debt crisis in any of its other member states. The news lifted European shares, hitting a 4-week high on June 14.
A better global outlook, combined with higher oil and gold prices, was what the resource-heavy index needed to gain some traction.
The stronger gold price was reflected in Franco-Nevada, Red Back Mining, Newmont Mining and Agnico-Eagle Mines appearing amongst the biggest gainers for the period by dollar value.
A new financing pushed Dynacor Gold Mines shares up 22% to 33¢ for the period. Dynacor announced it had secured a $1-million loan, which it would put towards increasing gold production by 10,000 oz. at its Acari project in Peru.
Strong drill results from two projects in Nunavut had Sabina Gold & Silver climbing the market ranks for the period. The Vancouver-based company was up 20%, after announcing the latest drill results from its Back River and Hackett River projects. At Back River, the company boasted a best hole of 25.43 grams gold per tonne over 20 metres while at Hackett River it released a best intercept of 24.9 metres grading 175 grams silver per tonne, 0.22% copper, 5.41% zinc and 0.91% lead.
The period wasn’t so kind to Crystallex International, however. The company, enduring an ongoing escapade in Venezuela, announced it was relinquishing control of two-thirds of its heavily disputed Las Cristinas gold project.
Crystallex has been unable to secure the environmental permit it needed to advance the project and agreed to give one of the world’s biggest companies, China Railway, a two-thirds interest.
Some believe that China Railway may have the deep pockets and government connections necessary to develop the project. Crystallex says it was given assurances from China Railway that it would help it pay off some of its debilitating debt, although no figure was given. Crystallex shares fell 18% for the period finishing at 46¢.
Forsys Metals was one of the period’s largest losers by percentage points. The company fell 22% and had to issue a press release stating that it knew of no materially undisclosed developments that would be the cause of the decline. Forsys re-affirmed that it is in discussions with its advisors at Morgan Stanley over its options for developing its Valencia uranium project. The project was to be taken-over by George Forrest International Afrique before the deal fell through, after the Canadian government was said to be reviewing the matter.
TSX most active issues | |||||
VOLUME | WEEK | ||||
(000s) | HIGH | LOW | CLOSE | CHANGE | |
Crystallex Int KRY | 52957 | 0.82 | 0.44 | 0.46 | -0.10 |
Uranium One UUU | 48515 | 2.83 | 2.16 | 2.25 | -0.32 |
Lundin Mng LUN | 47507 | 3.81 | 3.37 | 3.67 | -0.15 |
Western C Coal WTN | 29814 | 4.93 | 4.23 | 4.90 | + 0.08 |
Teck B TCKB | 23832 | 35.08 | 31.10 | 34.93 | + 2.16 |
Yamana Gold YRI | 21767 | 11.74 | 10.87 | 10.95 | -0.15 |
Eastern Platin ELR | 18630 | 1.27 | 1.19 | 1.22 | -0.01 |
Barrick Gold ABX | 17956 | 47.06 | 43.60 | 44.56 | + 0.64 |
Eldorado Gold ELD | 17103 | 18.78 | 17.35 | 17.89 | + 0.05 |
Grande Cache C GCE | 14879 | 6.08 | 4.62 | 6.01 | + 0.92 |
TSX greatest percentage change | ||||||
VOLUME | WEEK | |||||
(000s) | HIGH | LOW | CLOSE | CHANGE | ||
Yukon-Nev Gold | YNG | 4992 | 0.28 | 0.20 | 0.28 | + 33.3 |
Goldstone Res | GRC | 1302 | 0.52 | 0.39 | 0.52 | + 30.0 |
DynacorGoldM | DNG | 624 | 0.34 | 0.26 | 0.33 | + 22.2 |
Adanac Moly | AUA | 271 | 0.07 | 0.06 | 0.06 | + 20.0 |
Sabina Silver | SBB | 2529 | 2.19 | 1.66 | 2.01 | + 19.6 |
Grande Cache C | GCE | 14879 | 6.08 | 4.62 | 6.01 | + 18.0 |
Nevsun Res | NSU | 3665 | 3.82 | 3.01 | 3.65 | + 17.3 |
VG Gold | VG | 782 | 0.28 | 0.23 | 0.28 | + 16.6 |
Potash One | KCL | 3130 | 2.46 | 1.98 | 2.40 | + 15.9 |
AuEx Vent | XAU | 893 | 3.60 | 3.01 | 3.59 | + 15.8 |
Franconia Mnls | FRA | 4119 | 0.38 | 0.25 | 0.26 | -35.0 |
Diamond Fields | DFI | 1015 | 0.25 | 0.14 | 0.17 | -32.0 |
TriAusMin | TOR | 797 | 0.07 | 0.06 | 0.06 | -25.0 |
Forsys Metals | FSY | 2245 | 2.80 | 2.10 | 2.23 | -21.7 |
Ursa Major Min | UMJ | 664 | 0.10 | 0.08 | 0.08 | -20.0 |
Canarc Res | CCM | 646 | 0.10 | 0.09 | 0.09 | -18.1 |
Crystallex Int | KRY | 52957 | 0.82 | 0.44 | 0.46 | -17.8 |
Uranerz Energy | URZ | 839 | 1.38 | 1.20 | 1.21 | -17.6 |
Aquila Res | AQA | 516 | 0.29 | 0.26 | 0.26 | -16.1 |
Treasury Metal | TML | 254 | 0.32 | 0.26 | 0.29 | -14.7 |
TSX greatest value change | ||||
WEEK | ||||
VOLUME | CLOSE | CHANGE | ||
PotashCpSask | POT | 4762901 | 103.91 | + 3.35 |
Major Drilling | MDI | 566214 | 24.27 | + 2.28 |
Teck B | TCKB | 23831935 | 34.93 | + 2.16 |
First Quantum | FM | 4052014 | 55.79 | + 1.33 |
Harry Winston | HW | 1590450 | 14.30 | + 1.33 |
Franco-Nevada | FNV | 1888360 | 33.06 | + 1.31 |
Red Back Mng | RBI | 5605454 | 27.44 | + 1.29 |
Newmont Mng | 20140 | 58.24 | + 1.29 | |
Agnico-Eagle | AEM | 3436543 | 62.26 | + 1.24 |
Royal Gold | RGL | 10077 | 53.28 | + 0.94 |
Inmet Mining | IMN | 2823148 | 44.63 | -1.55 |
IShCOMEXGTr | IGT | 24438 | 124.40 | -1.47 |
Imperial Metal | III | 388489 | 17.28 | -1.07 |
Cameco Corp | CCO | 4515155 | 23.78 | -0.64 |
Forsys Metals | FSY | 2245223 | 2.23 | -0.62 |
Altius Mnrls | ALS | 187426 | 10.06 | -0.54 |
Agrium | AGU | 4223301 | 54.17 | -0.50 |
HoriznsGBear | HGD | 2989133 | 13.45 | -0.46 |
Labdr I-Ore Ro | LIF_U | 371434 | 48.20 | -0.46 |
Allied Nevada | ANV | 1769691 | 19.95 | -0.38 |
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