The golds regained their glitter on the Toronto Stock Exchange on Wednesday soaring 297.98 points or nearly 5% to 6,349.03. The meteoric rise was in response to a US$5.60-per-oz. rise in the price of gold to US$303 per oz. in New York. Overall, the TSE 300 composite index rose 79.21 points or 1.02% to end the day at 7,835.90.
No surprise, the nation’s gold miners were well represented among the TSE top ten most traded issues. Kinross Gold led the pack gaining jumping 20or 10% to $2.10, just shy of a new 52-week high, with more than 8.5 million shares on the move. Next in line was South American Gold & Copper, which added 1.5 or 11% to 15.5 with about 5.5 million shares traded. Placer Dome gained $1.20 to $19.90 on the backs of about 4.5 million shares. TVX Gold saw 3.7 million shares cross the floor to add 9 to hit $1.17 and junior Bema Gold rose 12 or 13% to $1.03, a new year-high. Barrick Gold gained $1.30 to $30.05 with just fewer than 3 million shares on the move to finish just out of the top ten.
In the lower ranks, Geomaque made waves soaring 3.5 or 37% to 13. St Andrew Goldfields climbed 3.5 or 16.7% to 24.5, a new 52-week high. Also hitting a new high were Dayton Mining, which added 19 or 19% to make $1.19, and Aurizon Mines, which tacked on 8 or 13% to reach 70.
The base metal miners saw more modest action gaining 33.51 points or 0.72% to 4,713.44 as a group. Noranda was the busiest gaining 27 to $18.67, a new 52-week high, on just fewer than 1.6 million shares. Inco grabbed 31 to hit $31.11 on just more than 1 million shares. Falconbridge gained 56 to $18.01. Zinc miner Breakwater Resources saw the largest percentage swing falling 3 or 7.5% to 37.
On the diamond scene, Twin Mining rose 3 or 6% to 52. On Wednesday, the company said that mini-bulk kimberlite samples from six sites on the Freightrain prospect at the northern tip of Baffin Island returned an assortment of gem-quality diamonds, including a small proportion of coloured stones. The implied average grade is just 0.2 carat per tonne.
Canada’s junior exchange posted gains for a second straight day on modest volume. The S&P-CDNX Composite Index added 9.97 points, or 0.9% to close at 1174.74.
ECU Silver added 2 to close at 6 on just over 1.16 million shares. The company holds the Velardena property, which hosts 2.5 million tonnes grading 269 grams silver and 2.8 grams gold.
Shares in Kensington Resources fell victim to profit taking after posting impressive gains over the past month. Stock in the company fell 51 to end the day at $1.64 on a heavy volume of 1.36 million. Diamond recovery results for 10 holes drilled at the Fort la Corne diamond project in Saskatchewan are expected any day now.
Shore Gold jumped on the Saskatchewan diamond train, gaining 13 to close at 98 on 1.1 million shares. Shore Gold holds the Star kimberlite body near Kensington’s ground. Results from a mini-bulk sample on the Star kimberlite are expected shortly.
Spider Resources ended the day at 8, down 1 on just over 1 million shares. De Beers Canada plans to drill 8 kimberlite targets on the junior’s Spider No. 3 project in the James Bay lowlands of Ontario.
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