Toronto stocks edged 5.59 points higher to end the week at 6,390.01. The gold index slid 3 points to 180.36 despite the yellow metal gaining US70 to US$321 per oz. in New York. The base metal miners dropped 1.52 points to 123.46.
Placer Dome was the TSX’s fourth most traded issue dropping 38 to $15.70 on about 4.4 million shares. Rumours are swirling that the sharks are circling, eyeing the company’s geographically varied interests. Kinross Gold fell 8 to $2.95 on 3.7 million shares, and Barrick Gold shed 40 to $25.25 to round out the major gold producers.
Bema Gold saw increased activity, falling 12 to $1.57 on 3.1 million shares. On Friday, Bema announced a deal to sell up to $16 million worth of its shares on a bought-deal basis. Bema, recently announced a plan to merge with EAGC Ventures in a move aimed at doubling production. The company also tabled plans to acquire a 75% interest in the high-grade Kupol gold and silver project in northeastern Russia.
Some gold stocks making gains were: Iamgold, up 30 to $5.84; Wheaton River Minerals, 6 to the good at $1.14; Miramar Mining, plus 7 to $1.23; McWatters Mining, up a penny to 18; and TVI Pacific, half a cent higher at $6.5. The latter three all saw more than 2.5 million shares traded.
Falconbridge was the most traded base metal issue, shedding a penny to make $15.14 on a volume of about 2.6 million shares. Among the handful of modest gainers were: Sherritt International, up a nickel to $4.30; Ivanhoe Mines, 4 higher at $2.74; and Cameco, which found a penny to make $34.
:Nice percentage gainers in the lower ranks include: Nuinsco, up 4 or 22% to 22; and American Mineral Fields, plus 16 or 29% to 71.
On Tuesday, Nuinsco 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. On Wednesday, the company said that it has teamed up with Inco to drill test several geological/geophysical targets on the Mel claims in Thompson, Man. The two have budgeted $860,000for the program. Inco can earn a 51% interest in the property by funding its portion of the development costs and by spending $6 million on exploration over four years.
Canada’s junior exchange managed to end the trading in the plus column with investors snapping up selected gold explorers. The S&P-TSX Venture Exchange composite index gained 3.98 points or 0.42%, and closed at 952.17.
Andean American Mining gave back a small portion of its recent gains over the past few weeks, losing 9 to close ay $1.12 on 359,640 shares. The company recently reported a loss of $37,217 in the quarter ended Sept. 30. The company is generating positive cash flow and earnings from its Santa Rosa gold mine 550 km southeast of Lima, Peru.
A nice percentage mover, Nevada Star Resource added 4 to close at 31 on 261,000 shares. The junior tabled surface sampling results from its MAN nickel-copper-platinum-gold project in Alaska. Grab samples returned up to 13.7% nickel, 2.9% copper, plus combined platinum-palladium values of over 20 grams per tonne.
International Wayside Gold Mines continued to trade near a 52-week low, ending the day flat at 9 on 275,113 shares. The Frank Callaghan-led company is adding more ground to its stable of properties in the Wells area of northern British Columbia. In its latest move, the company can earn a stake in properties located south of its Bonanza Ledge gold discovery on Barkerville Mountain.
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