MINING MARKETS & INVESTMENT NEWS — EASTERN MARKETS — Broad market vaults over poorly performing golds

Led by the industrial products and utilities sectors, the Toronto Stock Exchange 300 index climbed 77.26 points during the report period ended Nov. 9, closing at 7,292.58. Metal producers fared poorly, with the metals and minerals sub-index shedding 3.6% and the gold and precious metals sub-index dropping 0.8%.

Gold rose 10 cents to US$291.85 per oz. on the London Metal Exchange’s Nov. 10 morning fix. Canada’s major producers were mixed, with Placer Dome rising 25 cents to $18.15 and Barrick Gold falling 15 cents to $26.60. Also down was Kinross Gold, off 27 cents to $3.33.

Aurizon Mines gained 14 cents on news of increased resources at its dormant Casa Berardi gold mine in Quebec. The junior, which ended the period at 75 cents, recently announced a profit for the third quarter and that year-end production targets should be met.

Activity was high among diamond stocks, with Aber Resources jumping 50 cents to $8.40 on volume of 1.3 million shares; SouthernEra Resources climbed 43 cents to $2.40 on 813,360 shares. Not so lucky were Rex Diamond and Namibian Minerals, both of which fell 40 cents to land at $4.05 and $7.55, respectively.

Montreal-listed Nora Exploration edged ahead 2 cents to 30 cents. The diamond explorer has expanded its offshore and coastal holdings in Namibia.

Inco fell $1.40 to $28.95, the second consecutive week that the base metal miner has dropped despite strengthening nickel prices. Nickel rose 2 cents over the report period after jumping 20 cents last week. Crosstown rival Falconbridge rose 25 cents to $22.50.

Rio Algom slipped 55 cents to $18.20 on a slightly weakened copper price, which dropped a penny. Aur Resources, also tied heavily to the red metal, slipped 12 cents to $2.53.

Among juniors, Pangea Goldfields rose 33 cents to $3.70. Ongoing drilling at the Tulawaka gold joint venture in Tanzania intersected more high-grade mineralization. Montreal-listed partner Minieres du Nord rose 3 cents to $1.44.

Semafo climbed 3 cents to $1.04 on news of permitting for the Samira Hill gold project and the acquisition of the neighboring Saoura property, in Niger. The junior can acquire a half-interest in both properties from Etruscan Resources, which remained unchanged at 90 cents.

Dropping gains made in the previous period, Sulliden Exploration sunk 14 cents to 91 cents. Drilling continues at the Peruvian Santo Toribio gold property, said to be geologically similar to the nearby Pierina mine of Barrick. Results are expected in mid-December.

Tahera closed 1 cents lower at 6 cents, having failed to excite the market with its announcement that pre-feasibility studies on the Jericho diamond property in Nunavut were nearing completion. Tahera currently has plans to process kimberlite from the Jericho property at Echo Bay Mines’ Lupin mine, a 28-km haul from the kimberlite pipe.

Eldorado Gold closed at 83 cents, off 9 cents from last week, even though third-quarter results showed the company with net earnings of US$734,000 (US1 cents a share) for the quarter and a profit of US$3.4 million (US5 cents a share) so far on the year.