With no escalation of violence in the Middle East, nor any natural disasters in Japan, a more settled March 28 to April 1 period saw the TSX Composite Index climb 138 points to reach 14,130.15 points.
The latest economic data on the Canadian economy Data showed growth to be moving away from domestic demand elements such as households and housing to exports and business investment.
A lack of fear in the markets translated into low volatility in the price of the yellow metal, which rose by just US$1 to US$1,418.00. Global Gold Index was up roughly 2 points to finish at 391.99 for the period.
The sideways movement in the gold market was also seen in the base metal complex with
The prices for copper, nickel and tin trading for slightly less while the prices for lead and zinc were trading for slightly more. Overall the Capped Metals & Mining Index rose 45 points to finish at 1,444.65 points.
New Dawn Mining was hurt by political risk far from the Middle East and North Africa. The company’s shares fell 38% to $1.00 after Zimbabwe announced it would push ahead with an indigenization law that gives foreign mining firms until September 25 to sell a majority stake to locals. New Dawn owns the 15,000 oz. gold per year Turk mine and several historic mines in the country. The company has 45 days to submit plans outlining how it will meet the requirement that a 51% interest of any assets be held by local companies or government agencies.
On the more positive side of things NGEx Resources jumped 46% to $2.62 on the back of an exceptionally long intercept. The company reported that it had intersected 701 metres of 0.67% copper and 0.30 grams gold at its Los Helados project in Chile. The intercept included higher grade sections such as 32 metres grading 1.1% copper and 0.56 grams gold. NGEx plans to have an initial resource estimate done by the end of 2011.
Spur Ventures also had a stellar period as its shares climbed 24% to 57¢. The rise came after the company announced it would be fast tracking its phosphate project in China. Spur now says it is aiming to reach production by the second quarter of 2012.
Erdene Resource Development got a market boost thanks to its new porphyry copper discovery on its wholly owned Zuun Mod project in south-western Mongolia. Erdene shares were up 20% to $1.54 and results were highlighted by 34 metres grading 9.24 grams silver and 1.3% Copper. The company plans to launch a drill program this month.
And Greystar Resources managed to carve out a healthy gain after releasing an assay of 20.21 grams gold, 124.86 grams silver and 1% copper over 5 metres at its Angostura deposit in northeastern Colombia. Greystar shares were up 20% to $2.99 for the period.
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