TORONTO STOCK EXCHANGE -June 14-18

The TSX composite index finished the June 14-18 period higher as gold rose to record highs and the situation in Europe continued to brighten.

More positive news also came out of China when the country signaled that it might be open to allowing its currency to slowly appreciate. The yuan’s subsequent gain and the dollar’s demise helped spur gold prices, and oil also received a boost from signs that Chinese demand for crude would pick up in the coming weeks.

But interest in gold and oil failed to translate into interest in the base metals. Copper, aluminum, nickel and zinc prices all fell for the period and the Capped Metals and Mining index was off modestly to 903 points.

The higher gold price coincided well with developments at Banro’s Twangiza gold project in the Democratic Republic of the Congo. The company announced that a refurbished gold mill was en route from Australia and would arrive in Africa by July. Banro says it’s on schedule to finish building the first phase at the mine in the fourth quarter of 2011. The mine is set to process 1.3 million tonnes of ore per year. Banro has outlined 6.7 million oz. of measured and indicated resources along the 210-km long Twangiza-Namoya gold belt. Its shares were up 19% to $2.15 for the period.

The period’s other big winner was Avalon Rare Metals. The Toronto-based company was up 29% to $2.65 apiece, after recently announcing an updated resource estimate for its Nechalacho rare earth element (REE) deposit at Thor Lake in the Northwest Territories. The project is now the world’s second-largest REE deposit by reported total rare earth oxides and the third-largest niobium deposit.

Optimism over Volta Resources’ new drill program at its Nassara prospect on the Danyoro permit in Burkina Faso had the company’s shares up nearly 20% to $1.34. The new 3,500-metre program will follow up on a recent trenching campaign that returned a highlight assay of 1.95 grams gold per tonne over 25 metres.

Anatolia Minerals now has the land titles it needs for its Copler gold mine in eastern Turkey and the market signaled its approval by sending the company’s shares up 19% to $6.05 for the period. Anatolia now has titles to all the private land within the footprint of the mine’s first development phase. Anatolia will move the village north of the mine site.

Ongoing labour disruptions forced Gammon Gold to shut down its El Cubo operation in Mexico. The news sent the company’s shares down 14% to $6.76 for the period. Gammon called workers’ demands “untenable” and blames the union’s poor productivity for spoiling the mine’s economics. Gammon has already fired 397 union workers and is filing criminal charges against seven union executives.

TSX most active issues
		VOLUME		WEEK
		(000s)	HIGH	LOW	CLOSE	CHANGE
Centamin Egypt	CEE	26059	2.64	2.42	2.55	+ 0.12
Eastern Platin	ELR	23042	1.28	1.19	1.21	-0.01
Barrick Gold	ABX	22252	47.47	42.93	47.01	+ 2.45
Uranium One	UUU	22198	2.32	2.14	2.32	+ 0.07
Western Coal	WTN	21747	5.16	4.66	4.74	-0.16
Lundin Mng	LUN	20669	3.82	3.60	3.70	+ 0.03
Yamana Gold	YRI	20362	11.35	10.53	11.22	+ 0.27
Teck B	TCKB	18720	36.64	34.96	35.39	+ 0.66
B2Gold	BTO	18455	1.92	1.47	1.83	+ 0.31
Cons Thomp Irn	CLM	16966	8.44	7.81	7.92	-0.19

TSX greatest percentage change
		VOLUME		WEEK
		(000s)	HIGH	LOW	CLOSE	CHANGE
South Am Gld&C	SAG	791	0.04	0.03	0.03	+ 50.0
AvalonRareMt	AVL	1930	2.80	2.06	2.65	+ 29.2
Treasury Metal	TML	195	0.38	0.27	0.37	+ 23.3
Mediterrn Res	MNR	169	0.11	0.09	0.11	+ 22.2
Contintl Gold	CNL	2463	3.50	2.63	3.40	+ 21.4
B2Gold	BTO	18455	1.92	1.47	1.83	+ 20.3
X-Cal Res	XCL	149	0.12	0.10	0.12	+ 20.0
Volta Res	VTR	3218	1.46	1.10	1.34	+ 19.6
Banro Res	BAA	6032	2.19	1.83	2.15	+ 19.4
Anatolia Minls	ANO	6129	6.14	4.99	6.05	+ 19.0
BRC DiamondCr	BCD	10	0.12	0.08	0.08	-38.4
Nord Res	NRD	18	0.12	0.12	0.12	-25.0
Starcore Int V	SAM	4140	0.13	0.09	0.10	-23.0
Velocity Minls	VLC	34	0.15	0.12	0.12	-20.0
Acadian Mng	ADA	393	0.05	0.05	0.05	-16.6
Crosshair E&Mg	CXX	2846	0.13	0.10	0.11	-15.3
Gammon Gold	GAM	5515	7.96	6.73	6.76	-14.4
TriAusMin	TOR	12	0.06	0.06	0.06	-14.2
Olympus Pacif	OYM	2264	0.32	0.26	0.28	-12.5
Grandview Gld	GVX	183	0.08	0.06	0.07	-12.5

TSX greatest value change
WEEK
		VOLUME	CLOSE	CHANGE
First Quantum	FM	4072504	61.89	+ 6.10
Newmont Mng	NMC	71075	62.83	+ 4.59
Agnico-Eagle	AEM	4426601	66.14	+ 3.88
Barrick Gold	ABX	22251793	47.01	+ 2.45
Coeur d Alene	CDM	130788	17.38	+ 2.20
Allied Nevada	ANV	1261778	22.13	+ 2.18
Pan Am Silver	PAA	1196632	28.19	+ 1.95
Inmet Mining	IMN	1547021	46.55	+ 1.92
Teck A	TCKA	11579	37.47	+ 1.86
Alamos Gold	AGI	2784761	17.50	+ 1.83
CentralGold-T	GTU_U	49775	49.70	-2.91
PotashCpSask	POT	4864741	101.10	-2.81
HoriznsGBear	HGD	3038920	12.02	-1.43
Gammon Gold	GAM	5514960	6.76	-1.14
Agrium	AGU	3964403	53.17	-0.94
IShCOMEXGTr	IGT	37115	12.58	-0.72
Centerra Gold	CG	2558845	11.94	-0.53
Harry Winston	HW	6251529	13.89	-0.41
Fronteer Gold	FRG	13283052	6.74	-0.35
JinshanGoldM	JIN	1505841	4.04	-0.30