Toronto Stock Exchange

The S&P/TSX Composite Index gained in four straight sessions during the trading week before dipping on July 20 to end at 11,622.91 points, up 108.38 from where it began. The S&P/TSX Capped Diversified Metals & Mining Index also eked out a 9.19-point gain to close at 835.60 points.

Over the week, the spot price of gold advanced US$5.40 per oz. to US$1,584. But this didn’t lift the gold miners, and the S&P/TSX Global Gold Index slipped 6.26 points to 282.75.

Meadow Bay Gold was the week’s biggest percentage gainer, up 40% to close at 58¢. The boost came after the company reported a small resource estimate for its Atlanta gold project in Nevada’s Lincoln County.Using a cut-off of 0.5 gram gold, the estimate calculated that the project’s Main and East-West zones contain a combined 1.46 million tonnes grading 1.56 grams gold per tonne and 4.52 grams silver per tonne for 77,074 equivalent oz. gold in indicated, plus another 753,674 tonnes grading 1.34 grams gold and 7.84 grams silver for 36,065 equivalent oz. gold in inferred. The company says the estimate excludes most of the results from its 2011 drill program, and is working on updating the resource.

TriAusMin is still basking in the glow of the drill results released on July 12. Shares rose 33% to 10¢ after reporting that the drill program at its Woodlawn polymetallic property near Sydney, Australia,  demonstrates that the previously mined lenses extend below the past-producing underground mine. It also located a new mineralized lens closer to surface. Highlights include: 15 metres grading 3.66% copper, 3.71% lead, 11.72% zinc, 121 grams silver and 1.92 grams gold per tonne, and 10 metres of 1.64% copper, 1.22% lead, 6.09% zinc, 14 grams silver and 0.72 gram gold. TriAusMin says the next step is to delineate a resource to support a prefeasibility study.

Baja Mining was the week’s biggest loser, dropping 36% to 9¢ a share after it said on July 13 that it did not receive funding proposals to help cover the cost overruns at its Boleo copper-cobalt-zinc project in Mexico. Most analysts say it’s unlikely that Baja will announce a financing before Aug. 1, the deadline set by its lenders to raise more funds so it can continue accessing its project loans.

Following reports that the drought in the U.S. could increase corn prices, fertilizer producers Agrium and Potash Corp. of Saskatchewan became the week’s biggest value gainers, advancing $5.46 to $96.72 per share, and $1.52 to $46.01 per share, respectively. During the week, Agrium also upped its second-quarter earnings guidance for the second time since May. The major expects earnings per share of $5.40–$5.50 for the quarter, which is up from its original $4.18–$4.78 range in May. BMO Research reckons that the increase will come from better retail sales.

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