TSX Composite idles in anticipation

Global markets were relatively flat for the Feb. 13-17 period as investors waited to see if Greece would indeed secure a $130 billion bailout from the European Union. The TSX Composite Index managed scratched out a 30 point gain to finish up at 12,458.30 for the period. The gain came on the back of the oil sector which generated some positive momentum behind a rise in oil prices of US$4 to US$103.24 per barrel.

It was, however, a relatively poor performance from the mining sector despite the fact that gold manage to stay at its lofty heights. The yellow metal finished the period US$2.00 higher at US$1,725.90 per oz. but that didn’t help gold miners as the Global Gold Index followed the trend in the overall mining sector as it was down 6 points to 369.43 points.

The Capped Metals & Mining Index also fell for the period as it was off 21 points to 1,160.01. The prices for copper, aluminum, nickel, tin, lead and zinc were all lower.

A new discovery at its Kiaka Project had Volta Resources riding high for the period as the company’s share price was the largest gainer by percentage points. Volta shares were up 36% to $1.55 after reporting the discovery of a new zone just 700 metres southwest of its Kiaka Central Area deposit. The Kiaka project is in Burkina Faso and the new zone returned a highlight assay of 25 metres grading 9.22 grams gold. The intercepts occurred near surface and Volta says mineralization is still open at depth.

St Andrew Goldfields also enjoyed a strong run after it announcing it had outlined another one million ounces of gold at its Taylor gold project near Timmins. The news had the company’s shares up 30% to 52¢. Total measured and indicated resources now stand at 38.3 million tonnes grading 2.58 grams gold for 3.1 million oz of contained gold. Inferred resources came in at 16.2 million tonnes grading 3.97 grams gold for 2.1 million oz. The company has finished a pre-feasibility study for the project which focuses on the West Porphyry zone.

And Atna Resource had a healthy bump to its market cap as its shares were up 18% to $1.18. Earlier in the month the company said it will start commercial underground mining at its Pinson gold project in Nevada, and that it was looking at adding an open-pit operation to the mine as well. A maiden resource estimate for the open pit outlined measured and indicated resources of 23.1 million tonnes grading 1.32 grams gold per tonne for 981,700 contained oz. of gold. The company also announced that it had extended its $20 million credit facility with Sprott Resources. The deal was originally entered into in August of last year as a way to finance the cash portion of the Pinson Mine acquisition and to provide initial development capital for the project. The extension means Sprott will delay a $2.5 million payment that was due February 29 until next year.