TORONTO STOCK EXCHANGE -May 11-17

Growing concern that efforts to lower public sector deficits could impede global growth caused the world’s major stock markets to lose much of their mid-week gains during the May 11-17 trading period and the TSX composite index was no exception.

The TSX fell 134.9 points, or 1.1%, to 11,813 points, despite having broken through the 12,000 level for a few days.

Mining stocks took the brunt of the drop; the Capped Metals and Mining index fell 107.75 points, or 10.8%, to 886.61. And further showing fear over global growth and stability, the Global Gold index rose 12.39 points, or 3.5%, as gold reached a new all-time high just below US$1,250 per oz.

Base metals miners were the top losers by value over the period. Copper miner First Quantum Minerals saw shares fall $8.48 to $64.98 apiece. First Quantum, which has projects in Mauritania, Democratic Republic of the Congo, Zambia, Finland and Australia, reported first quarter earnings of US$146.2 million, up from US$10.9 million in the first quarter of 2009.

Copper, coal and zinc miner Teck Resources saw its shares down $6.42 to $33.11, while copper, zinc and gold miner Inmet Mining saw share fall $5.71 to $46.44.

On the gaining side were the gold miners. Gold-focused royalty company Frankco-Nevada saw shares rise by $3.30 to $32.30, Newmont Mining shares were up $2.28 to $459.10 apiece while Royal Gold, another royalty company, saw shares rise $2.13 to $53.01.

Franco-Nevada released its first quarter results over the period. The company reported net income of $7.8 million compared to $3.8 million for the same period in 2009.

On a percentage basis, US Gold shares shone, rising 23.1% to $4.20 apiece. The company has been drilling its El Gallo and Palmarito silver projects in Sinaloa state, Mexico. Recent results from Palmarito include 16.1 metres grading 213.9 grams per tonne silver.

Intrepid Mines shares rose 21% over the period to 46¢ apiece. The company’s most recent news was in early May when it signed a deal to sell its Paulsens gold mine in Western Australia for A$27 million to Northern Star Resources.

Western Copper shares plunged 35% over the period to $1.24 apiece after the Yukon Water Board rejected the company’s application for a water licence at its Carmacks copper property that it’s planning to construct next year. The Board said that Western Copper’s plan to build a heap-leach mine to extract copper was not adequately explained and poses too many risks for the environment.

Cline Mining shares fell 24.2% to $1.44 apiece even though the company announced that its New Elk metallurgical coal mine in Colorado was on target to start production in the fourth quarter of this year to produce 1.3 million tons of metallurgical steelmaking coal in 2011.

TSX most active issues
		VOLUME		WEEK
		(000s)	HIGH	LOW	CLOSE	CHANGE
Eastern Platin	ELR	53378	1.32	1.03	1.07	-0.19
Yamana Gold	YRI	36145	12.03	11.20	11.50	+ 0.53
Eldorado Gold	ELD	29841	18.93	17.05	17.87	+ 1.31
Teck B	TCKB	27745	38.91	31.75	33.11	-6.42
Barrick Gold	ABX	27355	47.99	45.46	45.87	+ 0.92
Western C Coal	WTN	26999	5.72	4.38	4.70	-0.96
Lundin Mng	LUN	26847	4.46	3.84	3.95	-0.25
HoriznsGBear	HGD	24120	3.47	3.08	3.32	-0.30
Equinox Minls	EQN	23192	3.89	3.22	3.44	-0.40
New Gold	NGD	23047	6.63	5.98	6.12	+ 0.19

TSX greatest percentage change
		VOLUME		WEEK
		(000s)	HIGH	LOW	CLOSE	CHANGE
Acadian Mng	ADA	7480	0.06	0.04	0.05	+ 25.0
US Gold Can Ac	UXE	69	4.25	3.45	4.20	+ 23.1
Mediterrn Res	MNR	1208	0.12	0.08	0.11	+ 22.2
Intrepid Mnrl	IAU	2775	0.48	0.39	0.46	+ 21.0
OceanaGold	OGC	7752	2.91	2.40	2.85	+ 19.7
Contintl Gold	CNL	3539	3.17	2.37	2.85	+ 19.2
Orezone Gold	ORE	1508	1.03	0.79	0.99	+ 19.2
PremierGoldM	PG	2815	4.94	4.11	4.88	+ 18.4
Zazu Metals	ZAZ	82	0.21	0.17	0.20	+ 17.6
VG Gold	VG	1588	0.28	0.21	0.28	+ 16.6
Nord Res	NRD	911	0.25	0.10	0.18	-40.0
Western Copper	WRN	1945	1.84	1.20	1.24	-35.0
Treasury Metal	TML	947	0.56	0.40	0.40	-25.9
Cline Mng	CMK	4877	1.87	1.31	1.44	-24.2
Grande Cache C	GCE	12905	6.37	4.62	4.92	-23.8
Avnel Gold	AVK	21	0.25	0.20	0.20	-20.0
TriAusMin	TOR	11	0.09	0.08	0.08	-20.0
Copper Mtn Mng	CUM	6586	2.70	2.20	2.20	-18.5
Mercator Mnls	ML	10739	2.15	1.63	1.67	-18.1
Africo Res	ARL	18	0.97	0.87	0.88	-17.7

TSX greatest value change
WEEK
		VOLUME	CLOSE	CHANGE
Franco-Nevada	FNV	4333718	32.30	+ 3.30
IShCOMEXGTr	IGT	28963	123.60	+ 2.69
Newmont Mng	NMC	108940	59.10	+ 2.28
Royal Gold	RGL	23783	53.01	+ 2.13
CentralGold-T	GTU_U	28527	52.24	+ 1.74
Silver Wheaton	SLW	15210927	21.40	+ 1.70
Goldcorp	G	19015704	46.25	+ 1.67
Pan Am Silver	PAA	1656076	27.99	+ 1.62
Seabridge Gold	SEA	425730	34.69	+ 1.45
Eldorado Gold	ELD	29840728	17.87	+ 1.31
First Quantum	FM	3661957	64.98	-8.48
Teck B	TCKB	27745499	33.11	-6.42
Inmet Mining	IMN	1699355	46.44	-5.71
Teck A	TCKA	40558	35.17	-4.30
Labdr I-Ore Ro	LIF_U	457585	44.88	-3.88
Agrium	AGU	4696598	58.17	-2.28
Major Drilling	MDI	283016	22.98	-1.84
PotashCpSask	POT	4499822	104.62	-1.65
Grande Cache C	GCE	12905331	4.92	-1.54
Quadra Mng	QUA	10253836	12.42	-1.41