The S&P/TSX Venture Composite Index edged up 1%, or 6 points, en route to a 670.60-point close. Gold, copper and energy futures benefitted from weakness in the U.S. dollar, while Statistics Canada reported that the inflation rate held steady at 1% in February.
April contracts for gold gained 2.8%, or US$32.20, before finishing at US$1,184.60 per oz. May contracts for copper rose 3.7%, or US9.8¢, en route to a US$2.76 per lb. close, while May contracts for West Texas Intermediate crude oil traded relatively flat before finishing the trading period at US$46.57 per barrel.
Quebec-focused Abitibi Royalties led the value-added category after selling its 30% interest in the Malartic CHL gold project that includes several discoveries with “significant gold mineralization,” including: Odyssey North, Odyssey High-Grade and Norrie.
The company gained 29¢ on 143,750 shares traded before closing at $3.60 per share. Abitibi sold its Malartic CHL stake for $60 million to producers Agnico Eagle Mines and Yamana Gold, which incorporated the project into the nearby Canadian Malartic mine.
Abitibi now owns $35 million in Agnico Eagle and Yamana shares, and a 3% net smelter return royalty at Malartic CHL valued between $20 million and $30 million. The company has $1.2 million in cash and is debt free.
Explorer Pacific Wildcat Resources sat atop the volume-traded category after a possible end to legal proceedings at its Mrima Hill niobium and rare earth project in Kenya. The company saw nearly 11 million of its shares change hands, losing 3¢ before closing at 1¢ per share.
In mid-2013 Pacific Wildcat announced that the Kenyan government had nullified a 21-year special mining licence at the project, which hosts 47.8 million measured and indicated tonnes grading 0.66% Nb2O5, and 94.4 million tonnes averaging 0.73% Nb2O5.
On March 23 the company reported that a judgment was handed down in the Kenyan High Court, with Justice Onesmus Mutungi ruling against its subsidiary.
Avino Silver & Gold Mines was on the rise after releasing its annual financial results. The company gained 18¢ on 99,350 shares before finishing at $1.85 per share. On March 23 Avino released results from its mine and mill complex in the Durango region of north-central Mexico.
The company generated $19.3 million in revenue last year, which marks a 20% increase compared to 2013. Annual silver equivalent production was up 49% year-on-year to 1.3 million oz., with all-in sustaining costs pegged at US$12.24 per oz. Avino announced earnings of $2.5 million, or 8¢ per share.
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