Toronto Stock Exchange January 9 – 15

The partial recovery in prices for industrial metals from recent lows helped propel the S&P-TSX Composite Index upward over the Jan. 9-15 trading period, despite oil prices remaining low. The Composite Index finished the period 202.27 points higher at 12,755.36.

Crude oil for February delivery dropped below the US$52-per-barrel mark for the first time in 19 months, but stabilized, and energy shares recovered on expectations that OPEC would not lower output enough to increase prices as demand eases during a mild winter.

The price of gold recovered from last week’s dip, regaining US$10.24 to end the period at US$619.75 per oz. The Global Gold Index tracked upward as well, gaining 3.28 points to end at 309.73. The Capped Metals and Mining Index gained 3% to 606.17 points for the period on stronger prices for copper, nickel, tin, lead and zinc. Ahead of Kinross Gold’s planned takeover of Bema Gold, investors continued to bid up both companies. Bema again topped the most-active list, with over 30 million shares traded and a gain of 46 to $6.30 for the period. Kinross also traded high volumes, with nearly 22 million shares changing hands for a gain of $1.10 to $14.70.

Tiomin Resources announced that delays at its Kwale mineral sands project in Kenya may prevent it from meeting financing conditions. The company says it is “reviewing options” for the project. The news helped make the company the period’s biggest loser by percentage. Its shares were off 30% or 4 to 10 on over 26 million shares traded. Administrative issues and a court case put the company too far behind to meet a February deadline to begin drawing down the debt financing for the project.

Crystallex International shares fell 24 during the session under heavy volume of 14 million shares as investors reacted to Venezuelan President Hugo Chavez’s inauguration comments. Chavez stated that the government’s program of nationalizing much of the economy will be accelerated, but made no mention of the mining industry.

High Plains Uranium announced that Jan. 19 will be the final day of trading before it combines with Energy Metals. The merger had High Plains’ shares up 2 on volume of 25 million shares. The company also announced drill results from its Sand Creek project in Wyoming, where it intercepted uranium mineralization. First Nickel’s high-grade nickel-copper results from the Lockerby Depth zone in the Sudbury basin sent the miner higher. The best interval was 34.15 metres grading 3.15% nickel and 1.73% copper. The news sent the company’s shares up 25% to 85 on nearly 16 million shares traded.

Inmet Mining also made gains as the release of a cost update on a feasibility study for its 48%-held Petaquilla copper project in Panama coincided with the red metal’s slight recovery. The update estimates capital costs of US$1.7 billion and 76 per lb. of copper. Inmet shares were up $4.68 to $56.48 on roughly 26 million shares traded.

TSX greatest percentage change

VOLUME(000s) HIGH LOW CLOSE< CHANGE
HMZ Metals wt HMZ.WT 872 0.015 0.01 0.015 +50.0
Jinshan Gold M JIN 1323 1.85 1.37 1.85 +33.0
First Nickel FNI 15931 0.86 0.63 0.85 +25.0
Apollo Gold APG 1460 0.65 0.51 0.65 +22.6
Birim Goldfl BGI 884 0.59 0.44 0.57 +18.7
Moydow Mns Int MOY 62 0.20 0.155 0.20 +17.6
X-Cal Res XCL 761 0.305 0.27 0.305 +17.3
Revett Mnls RVM 242 1.35 1.10 1.35 +16.3
Corriente Res CTQ 1090 4.20 3.25 4.14 +16.2
Freegold Vent ITF 390 0.58 0.46 0.58 +16.0
Golden Str wtA GSC.WT.A 732 0.055 0.02 0.035 -46.1
Tiomin Res TIO 26067 0.16 0.09 0.105 -30.0
StrataGold SGV 182 1.27 1.07 1.09 -12.8
Blue Pearl Mng BLE 7366 9.17 8.08 8.21 -12.1
Blue Pearl wt BLE.WT 104 8.38 7.57 7.73 -11.9
Gabriel Res wt GBU.WT 94 2.40 2.08 2.17 -11.4
Zaruma Res ZMR 436 0.135 0.12 0.12 -11.1
Gateway Gold GTQ 725 0.96 0.75 0.82 -10.8
Linear Gold LRR 341 5.35 4.51 4.86 -10.6
Metallic Vent MVG 103 1.79 1.66 1.70 -10.5

TSX greatest value change

VOLUME CLOSE CHANGE
Potash Cp Sask POT 890862 169.94 +6.16
Alcan AL 6593281 58.62 +5.75
Inmet Mining IMN 2579984 56.48 +4.68
First Quantum FM 3237288 58.28 +2.65
Aber Diamond ABZ 565702 41.65 +2.48
Gammon Lk Res GAM 4404673 19.45 +1.94
Meridian Gold MNG 821272 31.40 +1.68
Anvil Mining AVM 936125 12.02 +1.62
Yamana Gold YRI 12353478 15.01 +1.59
Labdr I-Ore Ro LIF.UN 152224 26.89 +1.57
Lundin Mng LUN 2391668 39.70 -1.72
Blue Pearl Mng BLE 7366088 8.21 -1.14
Blue Pearl wt BLE.WT 104450 7.73 -1.05
Teck Comin B TCK.B 5476859 81.18 -1.04
Banro Res BAA 34289 13.50 -0.90
Linear Gold LRR 341248 4.86 -0.58
Alamos Gold AGI 1330456 8.97 -0.48
Forsys Metals FSY 3510873 5.37 -0.36
Barrick Gold ABX 10907069 34.13 -0.33
Tenke Mining TNK 470750 14.70 -0.30

TSX most active issues

VOLUME(000s) HIGH LOW CLOSE CHANGE
Bema Gold BGO 30658 6.30 5.78 6.30 +0.46
Tiomin Res TIO 26067 0.16 0.09 0.105 -0.045
High Plains Ur HPU 25257 1.60 1.30 1.55 +0.02
Kinross Gold K 21773 14.24 13.00 14.17 +1.10
Chariot Res CHD 21035 0.62 0.54 0.60 +0.03
Goldcorp G 16181 31.00 29.20 30.90 +0.57
First Nickel FNI 15931 0.86 0.63 0.85 +0.17
Breakwater Res BWR 14520< /td>

1.80 1.64 1.75 0.00
Crystallex Int KRY 13916 4.28 3.60 3.79 -0.24
Yamana Gold YRI 12353 15.07 13.56 15.01 +1.59
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