Toronto Stock Exchange
The TSX was closed for the Family Day holiday on Feb. 21. When trading resumed, the TSX composite index dropped 70.98 points or 0.5% to finish at 14,052.13, while the Capped Metals & Mining index lost 44.88 points to close at 1,438.15. Twenty-six companies on the TSX reached new 52-week highs, while eight fell to new 52-week lows.
Golden Predator jumped 20.4% to $1 per share. The junior, which has three advanced gold projects in the Yukon and a pipeline of six prospects, announced it had kicked off its winter drill program at Brewery Creek and Grew Creek. This year Golden Predator hopes to complete an initial NI 43-101 resource estimate for Grew Creek and update its existing resource at Brewery Creek.
The Brewery Creek winter drill program is intended to expand upon the 2010 discovery at the Bohemian zone, where the company encountered ore-grade intercepts including 56.5 metres of 3.20 grams gold per tonne starting from a depth of 27 metres. At Grew Creek, work is focused on the Carlos discovery zone, where the company hit mineralization in all three late-season holes, including 146.3 metres of 1.72 grams gold beginning at 40 metres.
News of a proposed $8.1-million investment by China Metallurgical Exploration Corp. sent the shares of Acadian Mining up 17.9% to 46¢ apiece. If warrants are exercised following the private placement, Acadian could raise a further $5.4 million. The proceeds of the investment will go towards the junior’s gold exploration program. China Metallurgical Exploration is owned by Zhengyuan International Mining, a Chinese state-owned company. On Feb. 22, Acadian also announced a binding agreement to sell its zinc and lead assets for $10 million to Selwyn Resources.
Base-metal miner Ivernia jumped 14.2% to 40¢ on two pieces of good news. On Feb. 23 the company announced it was resuming operations at its Magellan mine in Western Australia. A temporary shutdown of mining and processing operations began on Jan. 5 due to environmental concerns. But an independent review commissioned by the Office of the Environmental Protection Authority of Western Australia has confirmed that no lead in container air samples exceeded the baseline and that there is no risk from the transport process of double-lined bags within sealed shipping containers.
On Feb. 25, Ivernia announced that in the three months ended Dec. 31, 2010, production of lead in concentrate from the Magellan mine increased 16% over the third quarter to 16,900 tonnes, while recoveries increased to an average of 78%, from a full-year average of 74%.
Silver Wheaton was up $1.18 and closed the trading week at $39.86 per share on no news. Silver prices reached their highest peak in 31 years on Feb. 22, and have gone up a total of 9.3% so far this year.
TSX most active issues
VOLUMEWEEK
(000s)HIGHLOWCLOSECHANGE
Lundin MngLUN338506.866.326.45-0.47
Kinross GoldK2644216.3915.2015.68-0.57
Centamin EgyptCEE217822.051.892.00-0.03
Eastern PlatinELR188991.681.531.58-0.09
Cons Thomp IrnCLM1774317.1617.1017.11-0.01
Fronteer GoldFRG1764214.3714.3014.32-0.02
Teck BTCKB1533454.4651.4754.23-0.10
Denison MinesDML142394.033.523.76-0.32
Uranium OneUUU132556.285.866.20+0.17
Cline MngCMK129293.753.353.52-0.29
TSX greatest percentage change
VOLUMEWEEK
(000s)HIGHLOWCLOSECHANGE
Golden PredatrGPD19451.020.831.00+20.4
Moneta PorcpnME44950.480.370.45+18.4
Acadian MngADA2370.460.380.46+17.9
Canadn ZincCZN73211.561.041.32+14.7
IverniaIVW27570.410.340.40+14.2
Corona GoldCRG4351.461.251.37+13.2
Great PantherGPR102883.442.913.40+12.5
Crescent GoldCRA2990.120.100.10+11.1
Torex GoldTXG37812.201.882.10+10.5
MInera IRLIRL4911.551.351.48+9.6
CIC EnergyELC25985.953.664.08-31.6
Diamond FieldsDFI27300.370.230.26-29.7
Golden StarGSC70934.102.963.07-23.4
Starfield ResSRU82080.120.100.10-16.6
Polaris MinlsPLS901.441.201.26-16.0
Europn GoldfldEGU693615.1311.0912.68-15.8
Formation MtlsFCO10111.931.421.63-15.1
Aeroquest IntlAQL3521.221.041.06-13.1
Rockgate CapRGT21843.262.582.88-12.9
Magma MetalsMMW4860.370.330.34-12.8
TSX greatest value change
WEEK
VOLUMECLOSECHANGE
Seabridge GoldSEA25780932.73+1.59
GoldcorpG1132518446.00+1.53
Silver WheatonSLW1139907239.86+1.18
MinefindersMFL185306311.34+0.99
Central Gold-TGTU_U1162452.28+0.90
AgriumAGU411692092.69+0.68
Pretium ResPVG61273610.50+0.61
Virginia MinesVGQ1993238.20+0.60
Sprott Ph SilvPHSU76312715.08+0.59
Franco-NevadaFNV385298632.86+0.58
First QuantumFM2457990116.40-10.39
Inmet MiningIMN213709267.30-4.63
Newmont MngNMC6741453.07-4.54
Europn GoldfldEGU693584712.68-2.39
Agnico-EagleAEM360290167.77-2.33
CIC EnergyELC25980874.08-1.89
Northern Dyn MNDM439680217.45-1.89
Labdr I-Ore RoLIF_U22772871.05-1.35
Detour GoldDGC127929131.32-1.23
Cameco CorpCCO555271440.26-1.08
TSX Venture Exchange
A shortened week filled with fluctuating oil prices and Middle East unrest saw the S&P-TSX Venture composite index drop 48.06 points between Feb. 22 and Feb. 25 to close at 2,375.62.
Especially high volumes in the first two days were balanced by lower volumes in the latter half and averaged out to 194 million shares traded daily. The overall point drop on the Venture led to only 96 companies reaching 52-week highs, while 34 hit new lows.
Despite not releasing any news, Olivut Resources saw the week’s biggest value gain. The company climbed 64¢ to $1.93 a share on just over a million shares traded. The prior week Olivut announced it planned to explore for diamonds on the Itapoty project in central Paraguay after signing a non-binding letter of intent with Latin American Minerals. The tentative deal would see Olivut earning 50% of the property by completing a million dollars in work. Olivut already has diamond properties in Canada and Uruguay.
Silver hits in Mexico had International Northair Mines climbing strongly. The company’s stock was the most traded as well as the biggest percentage gainer as it rose 23¢ or 209% on a total of 33 million shares to 34¢. Northair released results from two reverse circulation holes at its La Cigarra silver project in north-central Mexico that included 80.5 metres grading 123.5 grams silver per tonne from 46 metres depth in hole 2, and 18 metres of 54.6 grams silver in hole 1. The previous drill program was the first on the property and identified three mineralized targets.
Copper Fox Metals was up 36¢ to $1.70 on 12.3 million shares traded after releasing long copper hits from its Schaft Creek project in northwest British Columbia. Hole 405 hit 484.3 metres of 0.47% copper, 0.34 gram gold, 0.02% molybdenum and 2.22 grams silver from 11 metres depth, while hole 406 returned 190.5 metres carrying 0.21% copper and minor gold, moly and silver showings from 9 metres downhole. The company also welcomed news that the B.C. government had given environmental approval for the Northwest Transmission Line that is expected to bring inexpensive power to several major mine projects in the area.
Continuing its upward trend, Batero Gold climbed 46¢ to $4.65 after gaining $1.39 the week before. The company did not release new results, but the week before it announced results from its Colombian Batero-Quinchia property that included 591.5 metres of 0.72 gram g
old and 0.13% copper and 398.9 metres averaging 0.46 gram gold and 0.09% copper.
Atac Resources was up 53¢ to $7.15 on 550,000 shares traded. The company closed a $25-million non-brokered private placement, issuing 3.3 million shares at $7.50 each. Atac has not traded above $7.50 since the end of last November, when it released drill results from its Osiris target in the Yukon and dropped $1.59 in three days to $5.80.
TSX-V most active issues
VOLUMEWEEK
(000s)HIGHLOWCLOSECHANGE
Intl NorthairINM328220.470.120.34+0.23
Great WesternGWG262740.850.680.79-0.01
Allana ResAAA144441.731.541.69-0.05
Argex Silver CRGX136900.860.680.82-0.02
Slam ExploratnSXL130250.170.130.14-0.02
Copper Fox MtlCUU122791.701.201.70+0.36
Passprt PotashPPI102841.040.750.98+0.09
Am Cons MinlsAJC99200.100.080.090.00
Encanto PotashEPO97840.520.470.51-0.01
Orbite Expl AORTA95993.202.532.86+0.04
TSX-V greatest percentage change
VOLUMEWEEK
(000s)HIGHLOWCLOSECHANGE
Intl NorthairINM328220.470.120.34+209.0
MazarinMAZH290.070.040.06+100.0
CangoldCLD23800.100.050.09+80.0
DNI MetalsDNI14920.260.160.26+73.3
Expedition MngEXU80290.460.260.40+60.0
Trigen ResTRG130.320.280.32+60.0
Karmin ExplKAR2570.240.140.24+60.0
Cascadia ResCCR760.210.150.19+58.3
Black Bull ResBBS46510.050.030.03+50.0
Olivut ResOLV10531.931.231.93+49.6
Kestrel GoldKGC6461.060.620.75-31.8
Galore ResGRI21100.270.190.20-31.0
James Bay ResJBR14000.650.490.49-30.9
Pebble Ck MngPEB1540.250.190.19-26.9
Manson CreekMCK7500.100.080.09-25.0
Tribune UranmTCB291.000.830.83-23.8
Stratabd MnrSB720.210.170.17-22.7
Sandstorm Mt&ESND36280.600.460.47-21.6
Planet ExplPXI3210.510.380.40-21.5
Augen GoldGLD21810.550.380.41-21.1
TSX-V greatest value change
WEEK
VOLUMECLOSECHANGE
Olivut ResOLV10533471.93+0.64
Universal PowrUNX55337325.30+0.62
Atac ResATC5495877.15+0.53
Batero GoldBAT13029914.65+0.46
Copper Fox MtlCUU122791741.70+0.36
Mirasol ResMRZ2912726.85+0.34
IMPACT SilverIPT31005951.92+0.26
Hana MngHMG29008644.25+0.25
Waymar ResWYM3769871.45+0.24
Intl NorthairINM328218680.34+0.23
Amazon MngAMZ6025306.90-0.80
Loncor ResLN1528103.00-0.75
Chesapeake GldCKG14541112.79-0.65
Tasman MetalsTSM14400594.94-0.62
Macarthur MnlMMS5597103.50-0.57
Rainy River RsRR175814712.25-0.49
Rare Elemnt RsRES57505312.23-0.45
Quest Rare MnlQRM10970125.58-0.42
Kestrel GoldKGC6460300.75-0.35
Canaco ResCAN54019855.76-0.34
U.S. markets
U.S. equities posted their worst performance since last November on worries related to the Libyan uprising. Spreading unrest across North Africa and the Middle East drove oil to two-and-a-half-year highs and prompted accelerated safe-haven buying. When markets re-opened after the U.S. Presidents Day holiday on Feb. 21, investors were in for a hard time. The Dow Jones industrial average dropped 260.8 points or 2.11% to close the Feb. 22-25 period at 12,130.45, while the S&P 500 index lost 23.13 points to 1,319.88.
Gold stocks fared better than most with the price of gold climbing US$20.50 per oz. to close at US$1,409.60 per oz. The Philadelphia Gold and Silver index fell 0.11% to 212.21 points. Seabridge Gold advanced US$1.99 to US$33.71 per share. The company is still reveling in news of an updated resource estimate for its KSM project released on Feb. 16 that demonstrates measured and indicated resources grew by 16% to 45.3 million gold oz. (2.55 million tonnes at 0.50 gram gold per tonne), and an additional 14.5 million oz. gold has been classified as inferred. Goldcorp, meanwhile, rose US$1.93 to US$46.98 per share on the back of strong fourth-quarter 2010 financial results. Gold production in the fourth quarter reached 689,600 oz. at total cash costs of US$164 per oz., resulting in record operating cash flows before working capital changes of US$646.1 million. Net earnings for the quarter were US$331.8 million, up from US$66.7 million in the fourth quarter of 2009. It also reported positive study results for its two major Canadian gold projects, Éléonore in Quebec and Cochenour in Red Lake, Ontario.
The biggest value gain, however, was Consolidated Energy, which climbed US$3.92 to US$49.81 per share. On Feb. 24 the company announced it was promoting its chief operating officer, Nicholas J. DeIuliis, to the position of company president. Consol Energy has 11 bituminous coal mining complexes in five U.S. states, and reports coal reserves of 4.5 billion tons. It also has proven natural gas reserves of over 3.7 trillion cubic ft.
Lingering rumous that Mosaic may be the next takeover target continued to prop up the company’s share price, which gained US$1.91 to US$84.93 per share.
U.S. most active issues
VOLUMEWEEK
(000s)HIGHLOWCLOSECHANGE
Alcoa*AA13262817.1515.9616.68-0.60
Freeport McMo*FCX8640653.0549.6052.45-0.50
Silver Wheatn*SLW8041141.8938.3840.63+1.44
Hecla Mining*HL5138811.0810.0410.79+0.21
Newmont Mng*NEM4361560.1954.0754.46-4.04
Barrick Gold*ABX3920353.0150.8551.88+0.60
Goldcorp*GG3579147.0845.0246.98+1.93
Mosaic*MOS3420585.0075.4084.93+1.91
Kinross Gold*KGC3404416.6515.4416.00-0.47
Golden Star*GSS321014.173.023.12-0.94
U.S. greatest percentage change
VOLUMEWEEK
(000s)HIGHLOWCLOSECHANGE
Yellowcake Mg*YCKM1510.070.040.05+25.0
Fischer-W Gld*FWGO960.060.050.06+20.0
US Antimony*UAMY750.560.410.56+19.1
Tombstone Exp*TMBXF2580.100.080.10+11.1
Minefinders*MFN370311.6110.0811.59+10.7
Midway Gold*MDW10811.711.301.71+10.3
Cream Mnrls*CRMXF4400.340.290.33+10.0
Am Engy Field*AEFI8461.431.101.26+9.5
Silver Dragon*SDRG23610.130.110.12+9.0
Strata O&G*SOIGF3150.280.220.25+8.7
Golden Star*GSS321014.173.023.12-23.1
Starfield Res*SRFDF1900.120.100.10-23.0
Patriot Gold*PGOL930.100.080.08-20.0
Global Gold*GBGD1330.210.150.15-16.6
Crystallex In*KRY65070.220.160.17-15.0
Goldfield*GV400.340.310.31-11.4
Tara Gold*TRGD280.460.300.40-11.1
Constittn Mng*CMIN12390.210.170.18-10.0
Western Coppr*WRN5554.493.423.48-9.8
Anooraq Res*ANO15691.441.271.29-9.7
U.S. greatest value change
WEEK
VOLUMECLOSECHANGE
Consol Energy*CNX2078929349.81+3.92
Seabridge Gld*SA229423833.71+1.99
Goldcorp*GG3579094946.98+1.93
Mosaic*MOS3420497184.93+1.91
BHP Billi-BHP*BHP2136898893.91+1.52
BHP Billi-BBL*BBL1623807278.85+1.51
Silver Wheatn*SLW8041072840.63+1.44
Agrium*AGU262630394.50+1.22
Minefinders*MFN370295211.59+1.12
Alliance Rs P*ARLP46187876.40+1.03
Potash C Sask*POT3201163060.00-4.15
Newmont Mng*NEM4361531854.46-4.04
Cabot Corp*CBT144487042.39-2.78
Compass Mnls*CMP35266892.00-2.62
OM Group*OMG124353636.04-1.83
Northern Dyn*NAK1130351317.82-1.81
Soc Quim&M Ch*SQM252302952.85-1.80
Mechel*MTL351310929.59-1.79
Agnico-Eagle*AEM1114411769.22-1.76
Cliffs Nat Rs*CLF1879281095.23-1.31
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