U.S. markets uninspired, March 31- April 4

Markets in the U.S. were mixed, as evidenced by the three main indexes showing varied results. While the Dow Jones Industrial Average was up 88 points to 16,412.71 points and the S&P 500 Index gained 6 points to finish at 1,865.09 points, the Nasdaq lost ground and was down 58 points to 4,127.73 points. The Nasdaq’s poor performance was likely a symptom of earnings expectations falling for U.S. companies overall.

But the generally uninspired mood for markets didn’t dampen the good news for two prospective silver miners with adjacent projects in Montana. Word from the federal government that building a silver–copper mine beneath the state’s Cabinet Mountain Wilderness wouldn’t jeopardize the local grizzly bear population had both Mines Management and Revett Mining shares on a run. The U.S. Fish and Wildlife Service said Mines Management’s Montanore mine would lead to the loss of one protected grizzly, but the required mitigation will more than make up for the loss. The mitigation includes a provision for the company to acquire 5,000 acres of grizzly habitat that would otherwise be at risk for development. The news sent Mines Management shares up 10% to $1.22, while Revett Mining’s stock climbed 16% to close the period at 88¢. Revett is developing the Rock Creek project, which is next to Montanore.

Loncor Resources’ fortunes weren’t as impressive, as the company’s stock dropped 19% to 13¢ after it voluntarily delisted from the New York Stock Exchange. The exchange told the company in March that it had until April 2 to submit a plan to gain compliance with its guidelines by next year. Instead Loncor decided the disadvantages of maintaining its listing outweighed any advantages. Loncor has the Ngayu and North Kivu gold projects in the Democratic Republic of the Congo and is listed on the TSX Venture exchange.

Allied Nevada Gold shares lost 7% to close the period at $4.34, and were falling at press time. In 2012 they traded for near $40. The company is being taken to court for alleged false and misleading statements about its financial performance and prospects, and failure to disclose adverse operational facts. Allied Nevada denies the allegations.

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