Toronto’s gold stocks led just three other subindices higher on Tuesday, gaining 2.85 points or 1.6% to 177.1. The base metal miners weren’t able to keep pace dropping 0.31 of a point to hit 122.67. Overall, the S&P/TSX Composite Index lost 33.01 points to 6,399.64 points.
Wheaton River Minerals was the country’s most active miner with nearly 7.8 million shares trading to a penny-loss to 95. The company recently inked a deal to sell its the low-grade Bellavista gold project to Glencairn Gold for US$250,000 in cash plus 750,000 shares.
The usual suspects fell in behind Wheaton. Placer Dome gained 50 to make $15.50 with about 4.3 million shares traded, Kinross Gold rose 6 to $2.83, and Barrick Gold advanced 32 to $24.85.
Most of the other gold miners put in modest gains. Exceptions were: Cambior, off a penny to $1.53; Iamgold, down a penny to $5.15; and Agnico Eagle Mines down 13 to $19.12.
Thistle Mining shot up 6 or nearly 13% to reach 53 after reporting record gold production during the month of October.
Inco was the most traded base metal miner dropping 28 to $29.92 on a volume of about 1.6 million shares. Alcan dropped 2 more than that to $45 even. On Tuesday, Alcan raised its U.S. November transaction prices by a penny from October. Its 99.7% re-melt ingot climbed to US68 per lb., while its 6063 extrusion billet rose to US78 a lb.
The remaining issues finished with mixed results. On the minus side were: Falconbridge, off a quarter to $14.65; Sherritt International, down 4 to $4.21; Ivanhoe Mines lost 9 to $2.86; and Cameco dropped 65 to $32.95.
Nuinsco stood out among the juniors soaring 4 or 25% to 20. On Tuesday, the company reported encouraging results from a small surface trenching program on its Prairie Lake carbonatite complex near Marathon, Ont. Eleven pyrochlore grains collected at surface averaged 7.8% Ta2O5, with enriched values of niobium.
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