Toronto Stock Exchange -December 8-14

The S&P/TSX composite index showed resilience over the Dec. 8-14 reporting period as it approached the end of a strong comeback year. The index finished 56 points higher at 11,545 points, showing strength as it moved towards what is normally a year-end selloff phase, as many investors look to lock in tax benefits.

Inflation fears continued to hold sway as evidenced by particular strength in the base metals sector. The Capped Metals and Mining index broke through the 1,000-point mark, touching 1,003.46 points — 41 points better than where it finished off last period.

The index was, no doubt, propped up by copper prices holding at around US$3.13 per lb., as well as rising aluminum, nickel, tin and lead prices. Zinc prices remained healthy at roughly US$1.03 per lb.

And while the price of gold didn’t fare quite as well — it fell roughly US$19 to US$1,123.46 per oz. in London — the yellow metal was showing renewed strength at presstime. The lower price, however, did have the expected effect on gold miners as the Global Gold index fell 6 points to 350.67.

An updated resource estimate was all it took to make Duluth Metals one of the period’s biggest success stories. The company saw its shares grow by 70% to finish at $2.03 after announcing results from its Nokomis deposit in Minnesota. The study defined six higher-grade areas with the three highest-grade areas hosting indicated resources of 92 million tonnes averaging 1.8% copper equivalent, plus 22 million inferred tonnes grading 1.81% copper equivalent.

If only Sulliden Gold had seen a similar response to its announcement of an updated resource estimate and a preliminary economic assessment at its Shahuindo gold project in Peru. The company saw its shares drop immediately on the news, released on Dec. 8. The economic assessment pegged operating costs at US$403 per oz. gold with a capex of US$89.4 million and annual gold production of roughly 105,000 gold-equivalent oz. The finishing at 73¢.

The market also showed skepticism towards Bannerman Resources’ preliminary feasibility study for its 80%-owned Etango uranium project in Namibia.

Perhaps it was the high capital and operating costs but Bannerman shares dipped 22% to 85¢ after it announced results of the study. Bannerman estimates initial capital costs at US$555 million and says life-of-mine operating costs would be US$41 per lb. U₃O₈.

News of a share buyback program gave Western Canadian Coal a significant lift. The company’s stock shot up 41% to $3.09 for the period after the Dec. 11 announcement that it would buy back 10 million of its common shares -amounting to roughly 5% of its public float -at market prices.

TSX most active issues
	VOLUME		WEEK
	(000s)	HIGH	LOW	CLOSE	CHANGE
Caledonia Mng CAL	25462	0.07	0.05	0.05	-0.01
Western C Coal WTN	25282	3.14	2.02	3.09	+ 0.90
Yamana Gold YRI	24440	13.38	12.70	12.92	-0.29
B2Gold BTO	24278	1.37	1.23	1.27	-0.03
Barrick Gold ABX	23535	44.11	41.88	42.22	-2.41
Teck B TCKB	21079	39.38	34.52	39.16	+ 3.46
Kinross Gold K	20647	21.15	20.08	20.33	-0.69
Eldorado Gold ELD	20419	14.46	13.30	14.42	+ 0.59
New Gold NGD	20162	3.93	3.37	3.84	+ 0.03
Grande Cache C GCE	18936	5.49	4.01	5.29	+ 1.20

TSX greatest percentage change
		VOLUME		WEEK
		(000s)	HIGH	LOW	CLOSE	CHANGE
Copper Mesa	CUX	8351	0.05	0.01	0.03	+200.0
Duluth Metals	DM	13967	2.34	1.00	2.03	+ 69.1
Goldstake Exp	GXP	6109	0.06	0.03	0.05	+ 66.6
Western C Coal	WTN	25282	3.14	2.02	3.09	+ 41.1
Avnel Gold	AVK	147	0.21	0.13	0.18	+ 38.4
Geologix Ex	GIX	1606	0.26	0.19	0.25	+ 31.5
Franconia Mnls	FRA	6145	0.44	0.27	0.38	+ 31.0
Imperial Metal	III	1500	15.90	11.40	14.90	+ 30.7
Grande Cache C	GCE	18936	5.49	4.01	5.29	+ 29.3
Wallbridge Mng	WM	5086	0.34	0.18	0.27	+ 28.5
Sulliden Expl	SUE	4188	0.95	0.70	0.73	-23.1
Bannerman Res	BAN	101	1.11	0.75	0.85	-22.0
Timminco	TIM	3731	1.59	1.29	1.29	-19.3
Contl Precious	CZQ	1002	0.90	0.70	0.73	-18.8
Armistice Res	AZ	137	0.23	0.18	0.18	-18.1
Moneta Porcpn	ME	1281	0.40	0.29	0.32	-17.9
Talon Metals	TLO	217	0.58	0.44	0.48	-17.2
Rockwell Diam	RDI	4092	0.06	0.05	0.05	-16.6
Caledonia Mng	CAL	25462	0.07	0.05	0.05	-16.6
Crescent Gold	CRA	21	0.26	0.19	0.21	-16.0

TSX greatest value change
WEEK
		VOLUME	CLOSE	CHANGE
Major Drilling	MDI	814081	28.09	+ 4.73
Imperial Metal	III	1499717	14.90	+ 3.50
Teck B	TCKB	21078878	39.16	+ 3.46
Inmet Mining	IMN	1338662	64.44	+ 3.24
Teck A	TCKA	17698	39.56	+ 3.06
Ivanhoe Mines	IVN	4688258	14.82	+ 2.12
Agrium	AGU	6380918	65.73	+ 1.94
Labdr I-Ore Ro < /td>	LIF_U	261540	42.50	+ 1.48
Grande Cache C	GCE	18935678	5.29	+ 1.20
Franco-Nevada	FNV	2058011	27.49	+ 1.19
PotashCpSask	POT	5003897	123.53	-4.40
Barrick Gold	ABX	23535492	42.22	-2.41
IShCOMEXGTr	IGT	45905	116.82	-2.18
Centerra Gold	CG	16116585	10.69	-1.91
Agnico-Eagle	AEM	4287018	63.93	-1.90
Seabridge Gold	SEA	161995	26.68	-1.35
Ventana Gold	VEN	4651595	8.45	-1.28
Goldcorp	G	12465794	42.39	-1.15
Coeur d Alene	CDM	129942	21.00	-0.92
Silver Std Res	SSO	735550	24.30	-0.84