U.S. equities slide during Sept. 6-9 trading week

U.S. equities had another poor week. The Dow Jones Industrial Average, S&P 500 Index and the Nasdaq Composite all closed the Sept. 6-9 trading week lower as the European debt and fears of a new recession continued to weigh down investor mood. During the week, President Barack Obama also proposed a US$447-billion jobs program to boost the U.S. economy.

The Dow Jones tumbled 248.13 points to end at 10,992.13, while the S&P 500 Index loss 19.74 points to 1154.23. The Nasdaq slipped 12.34 points to 2,467.99.

The price of gold also fell US$25.60 per oz. to US$1,858.60.

Strong drill results helped Entree Gold gain 19% to US$2.29 per share. The company assayed three more holes from its wholly owned Ann Mason copper molybdenum porphyry project in the Yerington district of Nevada. All three returned long intercepts from 448 metres to 814 metres averaging between 0.35% to 0.43% copper equivalent.

Entree plans to complete an updated resource for the project in early 2012, followed by a preliminary economic assessment by mid-year.

Cream Minerals shares jumped 17% during the week to close at US21¢. The company released results from eight in-fill holes on the Veta Tomas zone of its Nuevo Milenio silver-gold project in Mexico. The drilling is part of the ongoing 20,000-metre drill program. Some of the highlights include: 172.10 grams silver per tonne and 0.48 gram gold per tonne over 9.5 metres including 183.47 grams silver and 0.54 gram gold over 5.53 metres; 105.39 grams silver and 0.82 grams gold over 7.2 metres, including 126.98 grams silver and 1 gram gold over 5.62 metres. The intercepts are not true widths.

Another company that got a boost from drill results was Claude Resources. It posted exploration results from the newly discovered L62 zone at its Seabee gold mine in northern Saskatchewan. Highlights include: 10.68 grams gold per tonne over 2.5 metres; 14.01 grams gold over 5 metres; and 261.28 grams gold over 3.6 metres, including 1,563 grams gold over 0.5 metre. All of the intercepts represent true widths. Claude gained 13% to end at US$2.29 per share.

Barrick Gold was one of the most traded stocks, with 42.1 million shares changing hands. The major announced two gold discoveries in Nevada on Sept. 7, the same day it held its Investor Day presentation. The new deposits known as Red Hill and Goldrush were found on the company’s Cortez gold property.

A day later, Barrick said it sold its 70% interest in the Pinson gold mine in Nevada to Atna Resources for US$15 million and 15 million Atna shares on Sept. 2. Barrick will also get a 10% net profits royalty after the project produces 120,000 oz. gold. Barrick closed at US$54.55.