TORONTO STOCK EXCHANGE -Sept. 20-24

The TSX composite index was up a modest 14 points to finish the Sept 20-24 period at 12,204.86. The big story was the Canadian dollar’s failure to rise despite a weakening U.S. greenback. While most major currencies appreciated against the U.S. dollar, fears that the Canadian economy may be too tied to the slumping American economy was seen as the culprit. Economic growth in Canada is on track for a less-than-inspiring 1-1.5% for the third quarter.

Despite gold’s continuous march towards new heights, the Global Gold index was pretty much flat for the period as it moved up just 0.44 point to finish at 399.62. The metal itself, however, finished at US$1,297, or up roughly US$17.

The Capped Metals & Mining index carved out a modest gain of 72 points to finish at 1,116.40 as the price of copper and aluminum rose while nickel fell and tin prices were flat. Zinc and lead were up as they both broke through the US$1-per-lb. level.

Word of a takeover bid for Baffinland Iron Mines had its shares climbing. The company was up 84% to $1.03 after announcing that Nunavut Iron Ore Acquisition, a subsidiary of Australian-based Iron Ore Holdings, had made an offer of 80¢ per share. Baffinland’s board is reviewing the offer although the company did note that the offer is not classified as a “permitted bid” under its shareholder rights plan. Baffinland is exploring and developing iron ore deposits at its Mary River property on Baffin Island.

Minera Andes settled its legal dispute with its joint-venture partner at an Argentine gold and silver mine and saw its shares climb as a result. The company’s shares finished at $1.46 after announcing it had come to terms with Hochschild Mining at the jointly held San Jose mine. The two companies had been arguing over how cash flows from the mine would be distributed, with Minera Andes wanting the money to go towards a loan it made to the joint venture and Hochschild preferring the money to go towards a project-financing loan it arranged first. The deal will see cash flows split between the two loans.

Mongolia offered some optimism for embattled Khan Resources as the company’s shares shot up 32% to 41¢. The good news was the Mongolia Nuclear Energy Agency’s (NEA) failure to appeal a court ruling which said that the NEA’s invalidation of exploration licences on the company’s Dornod uranium property was illegal. Khan is not out of the woods yet. A separate and earlier court ruling that also called the NEA’s actions illegal is still under appeal by the agency. That appeal should be heard in late September. The company said it filed a $300-million lawsuit with the Ontario Superior Court against the Russian miner Atomredmetzoloto for its “continuing efforts to secure Khan’s rights” to Dornod.

TSX most active issues
		VOLUME		WEEK
		(000s)	HIGH	LOW	CLOSE	CHANGE
Kinross Gold	K	81777	19.95	18.86	19.43	+ 0.50
Baffinland Irn	BIM	78067	1.04	0.54	1.03	+ 0.47
Mirabela Nickl	MNB	30868	1.83	1.65	1.82	+ 0.09
Starfield Res	SRU	29617	0.05	0.04	0.04	-0.02
Yamana Gold	YRI	26254	11.57	10.85	11.40	+ 0.35
Alexis Minls	AMC	20350	0.21	0.15	0.17	-0.02
Western Coal	WTN	20280	5.47	4.95	5.43	+ 0.25
Rubicon Mnrls	RMX	19271	4.37	4.02	4.28	+ 0.15
Teck B	TCKB	17489	40.63	38.25	40.35	+ 1.03
Andean Res	AND	17473	6.45	6.23	6.33	+ 0.11

TSX greatest percentage change
		VOLUME		WEEK
		(000s)	HIGH	LOW	CLOSE	CHANGE
Baffinland Irn	BIM	78067	1.04	0.54	1.03	+ 83.9
American Bonan	BZA	5056	0.37	0.23	0.34	+ 41.6
Orezone Gold	ORE	3946	1.42	0.97	1.37	+ 41.2
Revett Mnls	RVM	2877	0.50	0.38	0.49	+ 40.0
Nuinsco Res	NWI	5216	0.09	0.05	0.08	+ 33.3
BioteQ Env	BQE	661	0.84	0.62	0.84	+ 33.3
Canadn Zinc	CZN	2483	0.67	0.50	0.65	+ 32.6
United Mng Grp	UMG	2132	0.96	0.66	0.90	+ 32.3
Khan Res	KRI	1360	0.44	0.31	0.41	+ 32.2
Minera Andes	MAI	12775	1.66	1.12	1.46	+ 31.5
Starfield Res	SRU	29617	0.05	0.04	0.04	-33.3
Canarc Res	CCM	784	0.10	0.08	0.08	-20.0
Crowflight Mnl	CML	16048	0.12	0.09	0.09	-18.1
Adanac Moly	AUA	423	0.05	0.05	0.05	-16.6
Forsys Metals	FSY	1453	2.28	2.00	2.02	-12.5
EMC Metals	EMC	485	0.09	0.07	0.07	-12.5
Excellon Res	EXN	2388	0.89	0.76	0.79	-12.2
St Andrew Gldf	SAS	2553	1.71	1.36	1.45	-11.5
Polaris Minls	PLS	100	1.05	0.93	0.93	-11.4
MInera IRL	IRL	63	1.55	1.20	1.33	-11.3

TSX greatest value change
WEEK
		VOLUME	CLOSE	CHANGE
First Quantum	FM	2247320	74.07	+ 6.62
Ivanhoe Mines	IVN	5949265	24.22	+ 3.23
Agrium	AGU	4536274	79.17	+ 2.06
Inmet Mining	IMN	1012803	59.10	+ 2.03
Silver Wheaton	SLW	11398970	27.25	+ 1.50
Cameco Corp	CCO	4521675	28.18	+ 1.26
Allied Nevada	ANV	873391	28.18	+ 1.22
Golden Mnls	AUM	145947	14.51	+ 1.17
First Majestic	FR	4430582	6.92	+ 1.04
Red Back Mng	RBI	12156203	34.80	+ 1.03
PotashCpSask	POT	4950511	149.39	-2.20
Eldorado Gold	ELD	16208608	18.70	-1.48
Detour Gold	DGC	3920773	29.94	-1.02
Royal Gold	RGL	10803	51.30	-0.70
Mag Silver	MAG	533986	7.87	-0.60
Exeter Res	XRC	632799	6.70	-0.55
Anatolia Minls	ANO	3819702	7.02	-0.52
Seabridge Gold	SEA	123326	30.27	-0.52
Fronteer Gold	FRG	3524230	7.24	-0.45
IAMGold Corp	IMG	9382248	17.95	-0.37