U.S. MARKETS DECEMBER 13-17

U.S. markets felt the chill in the air during the week before Christmas. The Dow Jones industrial average edged up 81.59 points to finish at 11,491.91, while the S&P 500 rose 3.51 points to 1,243.91.

The Philadelphia Gold and Silver index dropped 4.44 points, while gold ended the Dec. 13-17 week at US$1,375.50 per oz. Agnico-Eagle Mines dropped US$7.27 to US$75.66 and Buenaventura lost US$2.62 to close at US$47.36. Silver companies weren’t spared despite the surge in silver prices. Silver Wheaton slid US$1.81 to US$36.70 and Silver Standard Resources fell US$1.75 to US$26.31.

Cliffs Natural Resources touched a new 52-week high (US$77.57 per share) before ending at US$76.10, a gain of US$1.77. Cliffs has successfully concluded arbitration proceedings with Essar Steel Algoma and a binding decision by the American Arbitration Association has redefined world prices for blast furnace pellets, a factor used in determining annual price increases or decreases under Cliffs’ supply agreement with Essar Steel Algoma. The redefinition entitles Cliffs to use an increase in excess of 95% over 2009 prices for seaborne blast furnace pellets in the supply agreement’s pricing formula. Cliffs anticipates collecting a cash payment from Essar Steel Algoma for the portion of revenue from 2010 pellet sales that were disputed in the arbitration.

Ivanhoe Mines shares were up US70¢ to US$24.64 on news the company had approved a US$2.3-billion capital budget in 2011 for construction at the Oyu Tolgoi copper-gold project in Mongolia. Initial production is expected in 2012 with first sales of copper and gold in concentrate anticipated in late 2012.

Fronteer Gold climbed US$1 to US$11.57 per share on news that a wholly owned subsidiary, Aurora Energy Resources, was selling its uranium assets in Newfoundland and Labrador to Paladin Energy in an all-share deal worth $260.9 million. Paladin will acquire 100% of the Aurora deposits by issuing 52.1 million of its shares to Fronteer, making Fronteer Paladin’s largest shareholder with a 6.7% stake. The deal values Aurora’s resources at US$1.90 per lb. U308 in the ground.

U.S. most active issues
	VOLUME	WEEK
	(000s) HIGH	LOW	CLOSE	CHANGE
Alcoa* AA	97302 14.60	13.94	14.56	+ 0.31
Hecla Mining* HL	72843 11.30	10.27	10.60	-0.08
Intl Coal Gp* ICO	57674 8.59	6.82	7.00	-1.46
Silver Wheatn* SLW	51275 40.24	36.26	36.70	-1.81
NovaGold Res* NG	47176 15.61	13.15	14.22	-0.88
Kinross Gold* KGC	44715 18.86	18.05	18.83	+ 0.39
Freeport McMo* FCX	44013 117.40	109.75	113.71	+ 1.84
Barrick Gold* ABX	38782 54.47	50.65	51.63	-1.67
Goldcorp* GG	33117 46.94	44.17	44.45	-1.62
Newmont Mng* NEM	32148 62.62	59.02	59.40	-2.02

U.S. greatest percentage change
		VOLUME		WEEK
		(000s)	HIGH	LOW	CLOSE	CHANGE
Canarc Res*	CRCUF	391	0.21	0.15	0.21	+ 40.0
Claude Res*	CGR	6646	2.13	1.55	2.11	+ 33.5
Li3 Energy*	LIEG	1550	0.29	0.17	0.29	+ 31.8
America West*	AWSR	165	2.86	1.72	2.25	+ 30.8
Tombstone Exp*	TMBXF	661	0.13	0.10	0.13	+ 30.0
Solitario Res*	XPL	241	3.00	2.23	3.00	+ 26.0
New Jersey Mg*	NJMC	357	0.34	0.21	0.26	+ 23.8
El Capitan Pr*	ECPN	1167	0.63	0.49	0.59	+ 18.0
Alumina Inc*	AWC	4158	10.35	8.84	10.29	+ 17.2
Caledonia Mng*	CALVF	3157	0.15	0.11	0.14	+ 16.6
Yellowcake Mg*	YCKM	2775	0.24	0.08	0.12	-50.0
Silver Dragon*	SDRG	6170	0.17	0.10	0.10	-41.1
Affinity Gold*	AFYG	383	0.05	0.03	0.04	-33.3
Intl Coal Gp*	ICO	57674	8.59	6.82	7.00	-17.2
Fischer-W Gld*	FWGO	70	0.06	0.05	0.05	-16.6
Tri-Valley*	TIV	792	0.53	0.37	0.38	-15.5
Mesabi Trust*	MSB	4970	57.94	44.51	46.88	-14.1
Samex Mng*	SMXMF	860	0.83	0.65	0.70	-11.3
Shoshone Silv*	SHSH	217	0.19	0.15	0.17	-10.5
Harry Winston*	HWD	669	12.65	11.20	11.31	-9.6

U.S. greatest value change
WEEK
		VOLUME	CLOSE	CHANGE
Freeport McMo*	FCX	44012809	113.71	+ 1.84
Intrepid Pots*	IPI	1067891	34.37	+ 1.77
Cliffs Nat Rs*	CLF	15622066	76.10	+ 1.77
Alumina Inc*	AWC	4158361	10.29	+ 1.51
Mechel*	MTL	3956438	28.27	+ 1.27
Cameco Corp*	CCJ	12212657	39.45	+ 1.16
Cabot Corp*	CBT	1456889	38.13	+ 1.12
Fronteer Gold*	FRG	10287952	11.57	+ 1.00
Stillwater Mg*	SWC	21832745	20.96	+ 0.89
Ivanhoe Mines*	IVN	17249628	24.64	+ 0.70
Mesabi Trust*	MSB	4969876	46.88	-7.72
Agnico-Eagle*	AEM	12982652	75.66	-7.27
Buenaventura*	BVN	5621213	47.36	-2.62
Randgold Res*	GO LD	4417966	87.25	-2.32
Compass Mnls*	CMP	1019594	87.53	-2.13
Newmont Mng*	NEM	32148268	59.40	-2.02
Silver Wheatn*	SLW	51274835	36.70	-1.81
Silver Std Re*	SSRI	5449936	26.31	-1.75
Barrick Gold*	ABX	38781622	51.63	-1.67
Goldcorp*	GG	33116990	44.45	-1.62