Toronto’s resource sector led the way on Thursday, with the gold group gaining 2.91 points to 199.16, and the base metal miners chipping in a 3.3-point rise to 226.28. With just three subindices ending in the red, the S&P-TSX composite index advanced 69.69 points to 8,497.56.
Wheaton River Minerals was the most actively traded miner on the day with just shy of 4.2 million shares climbing 14 to $3.80. On Wednesday, Wheaton said suitor Coeur d’Alene Mines has asked for a list of its shareholders. Wheaton must hand over the list within 10 days; Coeur plans to use the list to make an offer directly to shareholders. Wheaton also said that it has formed a special committee of three independent directors to review and consider the Iamgold combination, the unsolicited Coeur bid, and any other offers that might arise.
Noranda returned some of Wednesday’s impressive gains, slipping 11 to $23.95. Companhia Vale do Rio Doce recently denied it was pursuing Noranda, as has been widely speculated.
Placer Dome gained another 28 to make $22.50. Late on Wednesday, the company addressed market rumours surrounding the Cortez Hills discovery at its 60%-owned Cortez property pointing out that recently released drilling results are preliminary, and that further work is required.
Uranium explorer UEX put in a nice percentage gain, jumping 12, or 18%, to 79. On Wednesday, the company inked a deal with Japan-Canada Uranium Co. (JCU), whereby UEX can a 25% interest in the Beatty River uranium project in northern Saskatchewan by spending $865,000 on exploration by the end of 2008. Cogema currently owns 50.7% of the project, with JCU holding the balance. The company also reported results from the 2004 winter exploration program on the Hidden Bay project in the eastern Athabasca Basin area of northern Sask.
Staying in Sask., shares in Potash Corp. of Saskatchewan rose $9.83, or 8.4%, to $126.78 after it upped its second-quarter earnings forecast thanks to higher than expected potash and nitrogen prices and volumes. The world’s largest fertilizer company now expects to earn more than $1 per share instead of the previous estimate of 70 to 90 per share.
Others putting in plus-10% gains were: Aussie uranium explorer Southern Cross Resources, up 14, or 16%, to $1.02; Corriente Resources, plus 33, or 11.6%, to $3.18; and Band-Ore Resources, 3, or 11%, higher at 30.
On Thursday, Band-Ore posted some significant gold values from recently deepened drill holes on its 100%-owned Thorne property in Timmins, Ontario. The drilling was highlighted by a 6.6-metre section running 4.61 grams gold per tonne.
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