Toronto Stock Exchange
With no escalation of violence in the Middle East and North Africa, a more settled March 28-April 1 period saw the TSX composite index climb 138 points to reach 14,130.15.
The latest economic data on the Canadian economy showed growth to be moving away from domestic demand elements such as households and housing to exports and business investment.
A lack of fear in the markets translated into low volatility in the price of the yellow metal, which rose by just US$1 to US$1,418 per oz. The Global Gold index was up 2 points to finish at 391.99.
The sideways movement in the gold market was also seen in the base-metal complex with the prices for copper, nickel and tin trading for slightly less, while the prices for lead and zinc were trading for a bit more. Overall the Capped Metals & Mining index rose 45 points to finish at 1,444.65.
New Dawn Mining was hurt by political risk far from the Middle East and North Africa. The company’s shares fell 38% to $1.00 after Zimbabwe announced it would push ahead with an indigenization law that gives foreign mining firms until Sept. 25 to sell a majority stake to locals. New Dawn owns the 15,000-oz.-gold-per-year Turk mine and several historic mines in the country. The company has 45 days to submit plans outlining how it will meet the requirement that a 51% interest of any assets be held by local companies or government agencies.
On the positive side of things, NGEx Resources jumped 46% to $2.62 on the back of an exceptionally long intercept. The com-pany reported that it had intersected 701 metres of 0.67% copper and 0.30 gram gold at its Los Helados project in Chile. The intercept included higher grade sections such as 32 metres of 1.1% copper and 0.56 gram gold. NGEx plans to have an initial resource estimate done by year-end.
Spur Ventures also had a stellar period as its shares climbed 24% to 57¢. The rise came after the company announced it is fast-tracking production at its phosphate project in China. Spur now aims to reach production by mid-2012.
Erdene Resource Development got a market boost thanks to its new porphyry copper discovery on its wholly owned Zuun Mod project in south-western Mongolia. Erdene shares rose 20% to $1.54 and results were highlighted by 34 metres grading 9.24 grams silver and 1.3% copper. The company plans to launch a drill program in April.
And Greystar Resources managed to carve out a healthy gain after releasing an assay of 20.21 grams gold, 124.86 grams silver and 1% copper over 5 metres at its Angostura deposit in northeastern Colombia. Greystar shares were up 20% to $2.99.
Inmet Mining shares jumped $7.68 to close at $70.46 after the company and Lundin Mining mutually ended a merger agreement dated Jan. 12.
TSX most active issues
VOLUMEWEEK
(000s)HIGHLOWCLOSECHANGE
Uranium OneUUU638604.253.753.91-0.44
Lundin MngLUN439598.337.458.33+0.70
Rockgate CapRGT266831.921.301.58-0.37
Kinross GoldK2657515.6414.7814.78-0.98
Eastern PlatinELR226151.401.261.31-0.08
Equinox MinlsEQN225165.845.375.71+0.25
South Am Gld&CSAG165470.090.080.09+0.01
Romarco MnrlsR161622.411.801.88-0.54
Osisko MngOSK1572414.6413.1713.42-0.70
B2GoldBTO141793.082.632.96+0.26
TSX greatest percentage change
VOLUMEWEEK
(000s)HIGHLOWCLOSECHANGE
NGEx ResNGQ37462.971.732.62+45.5
Crescent GoldCRA7250.050.050.05+25.0
Spur VenturesSVU9230.680.460.57+23.9
MagIndustriesMAA138160.170.150.17+21.4
Avalon Rare MtAVL78088.757.058.65+20.4
Erdene Res DevERD14941.541.261.54+20.3
Greystar ResGSL128903.002.412.99+20.0
Velocity MinlsVLC6880.190.160.19+18.7
PlatminPPN43270.830.710.83+16.9
Canadn ZincCZN12541.251.061.25+16.8
New Dawn MngND3221.450.931.00-37.5
Polo ResPOL970.100.060.06-25.0
Romarco MnrlsR161622.411.801.88-22.3
Rockgate CapRGT266831.921.301.58-18.9
TriAusMinTOR15810.200.170.17-15.0
Energy FuelsEFR36920.600.500.51-15.0
Candente CopprDNT29111.951.681.68-14.7
Moneta PorcpnME11980.420.340.35-14.6
Contl PreciousCZQ5810.460.390.41-14.5
Grandview GldGVX9480.070.060.06-14.2
TSX greatest value change
WEEK
VOLUMECLOSECHANGE
Inmet MiningIMN214652170.46+7.68
Labdr I-Ore RoLIF_U27716580.48+4.99
First QuantumFM1928484129.88+4.04
Allied NevadaANV98951635.60+2.01
Harry WinstonHW235247916.14+1.95
Potash Cp SaskPOT1108697458.01+1.89
Silver Std ResSSO119309130.85+1.87
AgriumAGU457444689.36+1.59
Avalon Rare MtAVL78076978.65+1.47
First MajesticFR428994920.85+1.32
Agnico-EagleAEM421158762.11-4.27
Detour GoldDGC160912229.65-2.96
Silver WheatonSLW797461941.35-1.60
Europn GoldfldEGU317286611.90-1.57
Central Gold-TGTU_U2396052.27-1.42
Teck BTCKB1176445751.25-1.41
Golden MnlsAUM5650521.29-1.30
Pretium ResPVG352738610.00-1.20
Guyana GldfldsGUY9181979.10-1.19
Central FundCEFA105818921.44-1.13
TSX Venture Exchange
The relatively subdued March 28-April 1 period had the S&P-TSX Venture composite index drop 15.63 points to 2,298.40. Volume averaged out to a recent low of 137 million trades daily, while the bears and bulls were fairly even with 51 companies hitting 52-week highs and 59 hitting new lows.
Saturn Minerals was by far the busiest stock with 27.6 million shares traded. The company announced it discovered an 89-metre coal intersection at 44.7 metres depth on the Overflowing property at its Saskatoba project in western Manitoba. It reports that the intercept is one of the longest single coal intersections ever reported in Canada. Saturn saw its shares more than double on the day of the news before ending up 10¢ at 32¢.
Richfield Ventures had the biggest value gains, climbing $1.45 to $7.93 after the company announced a joint-venture with Silver Quest Resources. Richfield controls 100% of the southern portion of the Blackwater gold project in British Columbia, but only 75% of the Davidson property in the northern portion of Blackwater after earning into it from Silver Quest. The two have approved an $8.6-million work program on Davidson, with Silver Quest contributing $1.8 million. On April 4, New Gold made a takeover offer for Richfield, valuing the company at $550 million, and driving shares to $10 at presstime.
Pacific Wildcat Resources climbed steadily after releasing drill results from its Mrima Hill rare earth and niobium project in Kenya. The drilling was part of the company’s due diligence to acquire a 70% stake in the project. Hole 3 cut 30 metres grading 8.85% total rare earth oxides (TREO) including yttrium, hole 7 hit 40 metres carrying 5.58% TREO, hole 6 cut 43 metres of 5.25% TREO and hole 2 intersected 30 metres of 6.49% TREO. Pacific Wildcat’s share price climbed 57¢ to $1.67 on 7.8 million shares traded.
Guyana-focused Reunion Gold kept up
its strong gains after sealing a $35-million bought-deal financing with BMO Capital Markets and Dundee Securities at $1.75 per share. Reunion will put the money towards its historic Matthews Ridge manganese project in Guyana that hosts multiple non-compliant resources and some apparently salvageable facilities. Reunion Gold jumped 60¢ to $2.30, and has climbed from around 70¢ in late
February after releasing trenching results from the project.
Moving out of the single digits, Barker Minerals climbed 6¢ to 11¢ on 18.5 million shares traded after releasing sample results from its projects in central B.C. From its Cariboo lead-zinc-silver project, chip sampling returned 8 metres of 29 grams silver, 20% zinc and 6% lead, and from the Black Bear project, grab samples graded as high as 4,354.28 grams silver per tonne and 59% lead, and a chip sample returned 1,292.57 grams silver and 37.1% lead over a 1-metre width.
TSX-V most active issues
VOLUMEWEEK
(000s)HIGHLOWCLOSECHANGE
Saturn MinlsSMI276330.500.220.34+0.10
RPT UraniumRPT195910.250.190.22+0.01
Barker MnrlsBML185050.170.050.11+0.05
Orbite Expl AORTA142444.223.153.91+0.59
Great WesternGWG104240.900.810.86-0.03
Intl NorthairINM88580.700.400.58+0.14
Crown MnlsCWM80700.140.100.11+0.02
Abcourt MinesABI79800.190.170.17-0.02
Pac Wildcat RePAW78281.871.271.67+0.57
Allana ResAAA77671.881.721.810.00
TSX-V greatest percentage change
VOLUMEWEEK
(000s)HIGHLOWCLOSECHANGE
Parlane ResPPP4170.290.160.26+85.7
Barker MnrlsBML185050.170.050.11+83.3
Dynasty GoldDYG38200.160.080.14+55.5
Pac Wildcat RePAW78281.871.271.67+51.8
Santa Fe MetlsSFM8170.120.080.12+50.0
Gee-Ten VentGTV1880.550.450.54+42.1
Saturn MinlsSMI276330.500.220.34+41.6
Gulfside MnlsGMG11850.170.120.17+41.6
Reunion GoldRGD50392.491.702.30+35.2
Queensland MnlQML10221.020.550.74+34.5
Providence CapPV15391.060.510.58-48.2
Getty CopperGTC1060.140.090.09-30.7
Galena Intl RsGTO380.280.230.23-30.3
Rec MineralsREC100.100.100.10-28.5
Ring of Fire RROF26330.130.090.10-28.5
Rupert ResRUP140.250.250.25-28.5
Stealth MnlsSML300.030.030.03-25.0
Bear Lake GoldBLG9160.180.140.14-22.2
Purepoint UPTU16720.290.220.25-21.8
Amseco ExplAEL7690.180.150.15-21.0
TSX-V greatest value change
WEEK
VOLUMECLOSECHANGE
Richfield VentRVC12446227.93+1.45
Lumina CopperLCC4270067.13+0.94
Reunion GoldRGD50385612.30+0.60
Orbite Expl AORTA142437563.91+0.59
Pac Wildcat RePAW78276431.67+0.57
Rare Elemnt RsRES134974612.62+0.52
Amazon MngAMZ3755098.38+0.39
Cayden ResCYD3768113.91+0.36
Tribune UranmTCB116251.50+0.35
Chesapeake GldCKG7911812.08+0.34
Bear Creek MngBCM60571410.11-1.09
Universal PowrUNX69366525.23-0.56
Providence CapPV15387000.58-0.54
Rainy River RsRR162458910.15-0.50
Canaco ResCAN16642285.03-0.38
Reservoir CaptREO16089941.59-0.37
Loncor ResLN2118002.50-0.35
Atacama Pac GdATM1127404.85-0.25
Rio Alto MngRIO46698772.14-0.23
Batero GoldBAT7651864.39-0.20
U.S. markets
The Dow Jones industrial average edged up 156.13 points to finish the March 28-April 1 trading week at 12,376.72, while the S&P 500 index climbed 18.61 points to 1,332.41. The Philadelphia Gold and Silver index rose 0.27 point to 214.93.
Randgold Resources topped the list of value gains with an advance of US$7.50 to US$83.60 per share following news of a 5% increase in attributable resources and reserves for 2010. Attributable measured and indicated resources rose from 20.64 million oz. to 21.77 million oz. over the year, while inferred resources increased from 6.69 million oz. to 7 million oz. Attributable reserves grew from 15.56 million oz. to 16.39 million oz. without reducing the overall reserve grade year-on-year.
Shares of BHP Billiton surged US$6.17 to US$96.84 on news that the company has approved a US$554-million investment at its Escondida copper mine in Chile. The money will be used to relocate the crushing and conveying facilities currently inside Escondida’s main pit in order to improve access to higher-grade ore and support higher production from 2013.
The project is expected to be completed
by mid-2012.
BHP also announced that its Olympic Dam project (ODP) in South Australia is now in the feasibility study phase. The ODP would develop a new open-pit copper mine and associated gold and uranium byproducts alongside BHP’s existing underground operation and boost annual production from 180,000 tonnes of copper to 750,000 tonnes over the next three decades. A final decision on the project is expected by year-end.
Agnico-Eagle Mines shares were down US$3.27 to US$64.42 after the company reported that a kitchen fire in early March at its Meadowbank mine has substantially reduced the workforce at the mine and lowered production rates. Agnico-Eagle now expects full-year gold production at Meadowbank to be 310,000 oz., at total cash costs of US$700 per oz. with 60% of this production coming in the second half of the year. Agnico-Eagle had announced full-year guidance for Meadowbank was about 360,000 oz. at cash costs of US$600 per oz.
U.S. most active issues
VOLUMEWEEK
(000s)HIGHLOWCLOSECHANGE
Alcoa*AA10282917.8017.0217.47+0.38
Freeport McMo*FCX8475956.2753.4555.08+0.53
Silver Wheatn*SLW6044344.8942.0742.83-0.97
Potash C Sask*POT4362860.9255.5960.27+3.04
Hecla Mining*HL353969.278.669.00+0.02
Kinross Gold*KGC3347716.0515.2215.36-0.71
Newmont Mng*NEM2923955.0852.6554.37+0.41
Intl Coal Gp*ICO2823611.6210.7411.39+0.34
Barrick Gold*ABX2656652.3750.4251.27-0.24
Mosaic*MOS2599882.4076.6680.37+1.55
U.S. greatest percentage change
VOLUMEWEEK
(000s)HIGHLOWCLOSECHANGE
Yellowcake Mg*YCKM1730.040.020.04+100.0
Linux Gold*LNXGF2500.050.020.05+25.0
Yanzhou Coal*YZC274038.5032.8037.89+16.0
Harry Winston*HWD54416.9214.4616.71+15.7
Goldfield*GV3040.400.320.39+14.7
Tombstone Exp*TMBXF9610.090.060.09+12.5
Kimber Res*KBX8331.811.481.80+11.8
Canarc Res*CRCUF3260.200.170.19+11.7
Starfield Res*SRFDF160.100.080.10+11.1
China Shen Zh*SHZ11265.384.244.81+10.3
Gold Am Mng*SILA12340.150.100.10-28.5
Elray Res*ELRA20840.070.040.05-16.6
Grandview Gld*GVGDF100.060.060.06-14.2
Cream Mnrls*CRMXF1770.410.330.36-10.0
Uranerz Energ*URZ65263.503.133.22-9.8
SinoCoking Cl*SCOK17719.998.158.89-9.6
Petaquilla Mn*PTQMF4931.050.940.96-9.4
America West*AWSR251.591.351.36-9.3
Denison Mines*DNN19772.672.322.49-8.7
Oromin Expl*OLEPF721.351.201.21-8.3
U.S. greatest value change
WEEK
VOLUMECLOSECHANGE
Randgold Res*GOLD499220183.60+7.50
BHP Billi-BHP*BHP1569891996.84+6.17
BHP Billi-BBL*BBL835579980.63+5.33
Yanzhou Coal*YZC274026837.89+5.23
Compass Mnls*CMP28386494.53+3.76
Cliffs Nat Rs*CLF1422853198.02+3.61
Agrium*AGU260703592.71+3.25
Potash C Sask*POT4362784960.27+3.04
Allied Nevada*ANV53680137.06+2.88
Mesabi Trust*MSB93882941.53+2.73
Agnico-Eagle*AEM1028630364.42-3.27
Consol Energy*CNX2027410853.13-2.35
Buenaventura*BVN547963042.63-1.00
Silver Wheatn*SLW6044306842.83-0.97
SinoCoking Cl*SCOK17705688.89-0.95
Central Fund*CEF1435240022.23-0.86
Kinross Gold*KGC3347702815.36-0.71
Teck B*TCK1132484553.16-0.54
Cameco Corp*CCJ2385032930.54-0.53
Mag Silver*MVG10703211.80-0.43
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