Market news: U.S. Markets

U.S. equities posted a strong week, with the Dow Jones Industrial Average closing above the 14,000 mark for the first time since October 2007, up 0.82% to 1,4009.79, and the S&P 500 Index finishing above 15,000 points for the second time in as many weeks, rising 0.68% to 1,513.17. Encouraging economic data continued to drive more cash into equities and out of bonds. The U.S. economy added 157,000 new jobs in January and revised data for November and December from the Labor Department showed that 127,000 more jobs were created in those two months than originally reported. The Philadelphia Gold and Silver Index edged up 0.74% to finish the trading week at 151.94.

Shares of Augusta Resource surged 17.7% to US$2.79 on news that it had received the air quality permit for its Rosemont Copper project in Arizona. It is the seventh major permit the company has received for the project, with only one more major permit remaining. Rosemont would account for 10% of all U.S. copper output once in production, the company says.

Alexco Resource jumped 14.5% to US$4.66 per share after the company updated a resource estimate for its Flame & Moth discovery in the Keno Hill silver district of the Yukon. Since Alexco published its initial resource estimate in June 2012, the company has drilled another 8,752 metres in 43 holes, enhancing the indicated silver resource from 11.1 million oz. to 22.9 million oz. Indicated resources stand at 1.38 million tonnes grading 516 grams silver per tonne, 0.42 gram gold per tonne, 1.72% lead and 5.7% zinc for 22.86 million contained oz. silver. Inferred resources add 107,000 tonnes grading 313 grams silver, 0.27 gram gold, 0.86% lead and 4.21% zinc, for 1.08 million contained oz. silver.

AngloGold Ashanti climbed US$1.99 to US$29.30 per share. The gold producer told shareholders its 70%-owned Tropicana gold project in Western Australia remains on schedule to start production in the December 2013 quarter. Life-of-mine production is estimated at 3.6 million oz. gold at a cash cost of A$710 to A$730 — or US$738 to US$758 — per oz. gold.

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