TSX ends north of 12,000

Nuclear-powered tensions in Iran pushed mining and oil stocks higher, helping the TSX Composite Index smash through the 12,000-point-mark for the first time ever, to end the Jan. 31-Feb. 6 report period at 12,080.53. The golds tacked on 3.87 points to make 289.37, as bullion yo-yo’d itself US$4.75 per oz. higher to US$569.75 per oz. The diversified miners added 4.56 points to make 448.42.

EuroZinc Mining finished atop the most-traded miner list, with more than 48.2 million shares gaining 21 to $1.79. The company has been enjoying record copper and zinc prices, and recently posted 2005 production of 89,500 tonnes copper-in-concentrate from its Neves-Corvo mine in Portugal. The mine is to begin producing zinc in the second half of the year.

The discovery of a gold-silver vein system 5 km northwest of its 79%-owned Julietta mine in Russia’s Far East sent around 47.2 million shares in Bema Gold 41 higher to a 52-week high close of $4.94. Drilling on the Engteri area includes 2.3 metres running 76.1 grams gold per tonne and 34.1 grams silver. A 15,000-metre infill drill program is under way; a resource estimate will follow.

Tahera Diamond grabbed the bronze in trading volume, jumping 6 to hit 79 on 44.6 million shares. A test batch of kimberlite run through the processing plant at its Jericho mine in Nunavut in late January has yielded the mine’s first parcel of diamonds. Details of the haul won’t be available until after the stones are sold. Commercial production is expected in April.

In another first, Gammon Lake Resources poured its initial gold-silver dor bar at the Ocampo mine in Mexico. First-year production is pegged at around 190,000 oz. gold and 6.6 million oz. silver.

Shares in Blue Pearl Mining more than doubled to $3.74, while its warrants more than tripled to $3.05. Infill drilling on the previously discovered Lower zone, 300 metres below the main Davidson molybdenum deposit in B.C., yielded 48.8 metres grading 0.46% MoS2.

Cusac Gold got a 55.5% boost to 28, after about one-third of American Bonanza Gold‘s recently tabled a 1-million-oz. inferred resource estimate for the Taurus project in northern B.C. was found to lie on Cusac’s ground. American Bonanza grabbed 2 pennies to make 73.

Investors bid Nevsun Resources‘ warrants 39% higher to $1.00; the common shares gained 39, or 16%, to hit $2.80. The first holes form the Augaro gold project in Eritrea yielded a 7.1-metre core interval running 28.6 grams gold and 4.2 metres of 15.3 grams gold. The property is home to the Augaro and Damiscioba mines, which produced in the 1930s.

Zinc miner Breakwater Resources continued to ride soaring zinc prices, shooting 31 or 35% higher to $1.20. Production from the company’s three mines for 2006 is forecast at 240.1 million lbs. of payable zinc and 18.7 million lbs. copper (plus lead, silver and gold). The Langlois mine in Quebec should hit its commercial stride in mid-2007.

Moto Goldmines put on a late surge to finish $1.10 or 22% better at $6.05. The shares jumped on some wide intervals of high-grade gold from the Moto gold project in northeastern Democratic Republic of the Congo. The drilling also outlined a new, deeper, mineralized oreshoot, dubbed Durba East.