Trading SummaryToronto stocks ended 29.82 points lower on Thursday, despite a US$6.60 surge in rt hprice of gold to US$348.10 per oz. in New York. The gold index added 4.67 points to make 163.49, while the base metal miners slipped 1.41 points to 118.75.
Shares in Southwestern Resources plunged $5.17 or nearly 37% to end at $8.83, after the company released another batch of drill results fom its Boka gold project in the Yunnan province of China.Grades range from 1.3-9.1 grams gold per tonne, but couldn’t match the 75.2 grams gold in a 34.5-meter-long vein last year.
Ivanhoe Mines grabbed 7 to hit $3.26 on 4.7 million shares to rank as the busiest mining issue. Ivanhoe recently teamed with state-owned Chinese International Trust & Investment to explore and develop resource projects around the globe.
Canada’s major gold producers all put in decent gains. Placer Dome was the busiest with about 3.5 million shares finding their way 49 higher to $14.94; Barrick Gold made $1.04 to hit $23.46 on 3.2 million shares; and Kinross Goldrose a quarter to $9.50 with about 2.2 million shares traded.
Among the smaller producers Iamgold advanced 15 to $7.35 after announcing that an expansion of the Tarkwa gold mine in Ghana will go ahead. Iamgold has a 18.9% stake in Tarkwa; Gold Fields has 71.1%; and the Government of Ghana holds the reamining 10%. Plans call for the installation of a 4.2 million-ton-per-year mill and carbon-in-leach facility at a cost of US$85 million. Also, a new mining fleet and support equipment will be purchased for US$74 million.
Teck Cominco‘s B shares placed a distant second to Ivanhoes in volume terms, dropping 28 to $10.45 with just more than a million shares on the go. Zinc miner Breakwater Resources rose half a cent to 14.5 after posting a small first-quarter profit on higher gold, silver and copper prices.
Canada’s junior exchange advanced for the second straight session led by renewed interest in diamond explorers. The S&P-TSX Venture Exchange composite index jumped 3.19 points, or 0.3%, and closed at 1,064.18.
Shares in Archangel Diamonds added 10 to close at 55 on a volume of 831,330. The junior reported that the Arbitrazh Court of the Arkhangelsk Region in Russia has rejected a parties claim to terminate the 1999 Diamond Venture Agreement (‘DVA’) with Archangel. The claim was brought by LUKoil, the 74.1% owner of the Russian company.
New Shoshoni Ventures dropped 7 to close at 60 on 908,000 shares traded. The junior announced that a 78 kg sample from a new kimberlite discovered in Feb. yielded 128 micro diamonds. The new pipe lies 750 metres south-southwest of the Drybones pipe. Snowfield Development, which holds the adjoining land, finished the day flat at 26 on 282,500 shares.
Anooraq Resources ended the session unchanged at 50 on 273,000 shares. The Hunter Dickinson led junior has been advancing the Platreef platinum-palladium project in South Africa.
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