Gold breaks US$450 per oz.

Gold broke through the psychological US$450-per-oz. barrier during the Nov. 24-30 report period, ending near a 16-year high of US$453.40 per oz. in the afternoon in London on Nov. 30. Still, the Toronto Stock Exchange’s gold index suffered a late-period drop-off to end 0.29 of a point lower at 222.46, as gold eased off US$2.40 per oz. to sit at US$451 per oz. at period’s end in New York.

Meanwhile, the country’s diversified miners survived a similar slide to come in 4.15 points higher at 262.25. Overall, the S&P-TSX composite index managed to tack on 53.96 points to finish at 9,030.05.

Hillsborough Resources stayed on investors’ radar screens, gaining another 26, or 32.5%, to make $1.06 on about 30 million shares. The company recently tabled a measured and indicated resources of 7.6 million tonnes of metallurgical coal contained in three major zones on the Bingay Creek property in British Columbia. The Vancouver-based coal miner has also just agreed to acquire Tennessee-based Cumberland Coal.

Dynatec was unusually busy, watching nearly 26 million shares make their way a nickel lower to $1.12. In early November, Dynatec and partner FNX Mining temporarily suspended work at their Levack mine in Sudbury, Ont., owing to elevated gas levels in the surface exhaust ventilation system. For its part, FNX ended 3 better at $5.06.

Breakwater Resources slipped a nickel to 53. On Nov. 29, the zinc miner said its president and CEO Colin Benner would step down to take a position with an unidentified Vancouver-based resource company effective Dec. 23.

Bema Gold lost some of its earlier gains but ended 32 to the good at $4.34. The latest batch of drill holes from the Kupol project in Russia has extended high-grade gold and silver mineralization in the offset vein in the South, Central and North zones. A new resource estimate is expected early next year; a feasibility study would follow.

Likewise, Solitario Resources surrendered its early gains, finishing 2 pennies lighter at $2.15. The shares have been on the rise since Newmont Mining subscribed to a $4.6-million private placement aimed at financing exploration in South America.

Following suit, Linear Gold eased late in the period but managed to add 29 to reach $8.88. Drilling on the Cobre Grande copper-silver-molybdenum project in Mexico yielded 132 metres grading 1% copper and 20.7 grams silver per tonne.

On a happy note, First Nickel soared an impressive 58, or 64%, to an all-time high of $1.48. The junior has inked a letter-of-intent to buy Falconbridge‘s mothballed Lockerby mine in Sudbury for $1.5 million in cash plus 19.9% of its common shares. Falco retains the right to buy all of the mine’s ore and can back-in to any large, new nickel discovery on the property. Falco grabbed 74 to hit $31.35.

Iamgold got a boost after South Africa’s Competition Appeal Court ruled that Harmony Gold could not vote any of the Gold Fields shares it has acquired under the early settlement portion against Gold Field’s plan to merge its international assets with those of Iamgold. Iamgold’s issue climbed steadily to end 62 richer at $9.15.

Manhattan Minerals shed three pennies to finish at 7 after selling its Peruvian portfolio, including $2.4 million worth of debt, to Vancouver-listed Solar Energy for US$600,000 and a 2% net smelter return royalty. The package includes the Tambo Grande massive sulphide project.