Fears over Greece’s ability to pay its debt had markets the world over turning downwards and the TSX composite index was no exception. The index was off three points to 12,294 for the April 27-May 3 period, as investors worried that the IMF bailout of Greece may not be enough to fix the problem and stop contagion.
Bad news in Greece was good news for gold, however. The yellow metal was up roughly US$30 to US$1,185 for the period and that helped lift the Global Gold index by 22 points as it finished at 359.45.
The news wasn’t quite so good for base metal producers. With the prices of copper, aluminum, nickel, tin, lead and zinc all falling, the Capped Metals & Mining index was off roughly 82 points to 1,047.
Word that Vancouver-based Mawson Resources was set to acquire some of Areva’s uranium exploration ground sent the company’s shares up 28% to 41¢ for the period. The uranium junior signed a letter of agreement to gain control of Areva’s Finnish uranium exploration portfolio. Areva will also be buying 4.6 million shares of Mawson at 29¢ apiece in a private placement.
First the drill and then the market were kind to MDN and Etruscan Resources. The companies announced results from drill programs in Sub-Saharan Africa and enjoyed a healthy bump up in their valuations. MDN was up 16% to 51¢ for the period after announcing drill result from its Ikungu project in Tanzania, which returned a highlight intercept of 13.22 grams gold per tonne over 4.1 metres. As for Etruscan, the Halifax-based company announced results from its Ouare gold deposit in Burkina Faso which returned a highlight intercept of 44 metres grading 7.3 grams gold. Etruscan shares were up 16% for the period to 44¢.
The story was slightly different for both Inter-Citic Minerals and St Andrew Goldfields. The two companies both experienced positive aftershocks in relation to drill results released earlier in the month. Inter-Citic announced a hole on April 22 that intersected 3.2 grams gold over 34.6 metres but only saw real gains in this period as its share were up 15% to $1.50. As for St Andrew Goldfields, the company released a highlight intercept of 5.8 grams over 80.3 metres back on April 12, but saw its shares climb 21% to $1.14 this period.
The news was not so good for Jinshan Gold. The Vancouver-based junior’s stock began a steady decline after announcing on April 27 that it was selling its Dadiangou gold project in China to Chinese interests for $13.1 million. Jinshan was joint-ventured on the property and received $7 million for its stake. The project has 20 million tonnes of indicated resource grading 0.87 gram gold for 544,910 oz.
The market signaled its disapproval of the deal by sending Jinshan shares down 26% to $4.61 for the period.
| TSX most active issues | ||||||
| VOLUME | WEEK | |||||
| (000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Breakwater Res | BWR | 41429 | 0.44 | 0.38 | 0.40 | + 0.01 |
| Lundin Mng | LUN | 32641 | 5.30 | 4.54 | 4.66 | -0.70 |
| Mercator Mnls | ML | 31405 | 2.46 | 2.11 | 2.19 | -0.28 |
| Western C Coal | WTN | 28062 | 6.75 | 5.43 | 5.64 | -0.99 |
| Eldorado Gold | ELD | 26806 | 15.96 | 14.26 | 15.69 | + 1.30 |
| Eastern Platin | ELR | 26493 | 1.57 | 1.34 | 1.43 | -0.14 |
| Yamana Gold | YRI | 26109 | 11.27 | 10.34 | 10.88 | + 0.50 |
| Barrick Gold | ABX | 25748 | 44.90 | 40.12 | 43.34 | + 2.74 |
| New Gold | NGD | 23205 | 6.04 | 5.70 | 5.80 | -0.14 |
| Teck B | TCKB | 20462 | 42.60 | 38.02 | 38.80 | -4.43 |
| TSX greatest percentage change | ||||||
| VOLUME | WEEK | |||||
| (000s) | HIGH | LOW | CLOSE | CHANGE | ||
| San Anton Res | SNN | 86 | 0.20 | 0.15 | 0.19 | + 35.7 |
| South Am Silvr | SAC | 1866 | 0.77 | 0.53 | 0.70 | + 32.0 |
| Polo Res | POL | 372 | 0.12 | 0.09 | 0.09 | + 28.5 |
| Mawson Res | MAW | 221 | 0.41 | 0.32 | 0.41 | + 28.1 |
| St Andrew Gldf | SAS | 2113 | 1.17 | 0.93 | 1.14 | + 21.2 |
| Seabridge Gold | SEA | 234 | 33.96 | 28.88 | 33.74 | + 16.1 |
| MDN Inc | MDN | 2443 | 0.56 | 0.43 | 0.51 | + 15.9 |
| Etruscan Res | EET | 2579 | 0.49 | 0.37 | 0.44 | + 15.7 |
| NovaGold Res | NG | 3557 | 9.25 | 7.68 | 9.06 | + 15.5 |
| Inter-Citic Mn | ICI | 2025 | 1.54 | 1.25 | 1.50 | + 15.3 |
| Crescent Gold | CRA | 20 | 0.17 | 0.12 | 0.12 | -29.4 |
| Jinshan Gold M | JIN | 4368 | 6.23 | 4.54 | 4.61 | -26.3 |
| Nord Res | NRD | 57 | 0.30 | 0.26 | 0.26 | -23.5 |
| Candente Gold | CDG | 343 | 0.85 | 0.65 | 0.65 | -22.6 |
| Franconia Mnls | FRA | 606 | 0.57 | 0.47 | 0.47 | -20.3 |
| Cline Mng | CMK | 10014 | 2.45 | 1.82 | 1.93 | -20.2 |
| Grande Cache C | GCE | 10769 | 7.99 | 6.20 | 6.37 | -19.3 |
| Labdr Iron Mns | LIM | 994 | 6.97 | 5.56 | 5.70 | -17.7 |
| Copper Mtn Mng | CUM | 2903 | 3.35 | 2.70 | 2.70 | -17.6 |
| Linear Metals | LRM | 2727 | 0.17 | 0.14 | 0.14 | -17.6 |
| TSX greatest value change | ||||
| WEEK | ||||
| VOLUME | CLOSE | CHANGE | ||
| Seabridge Gold | SEA | 233777 | 33.74 | + 4.69 |
| IShCOMEXGTr | IGT | 33860 | 117.05 | + 4.06 |
| Royal Gold | RGL | 68204 | 51.27 | + 2.79 |
| Barrick Gold | ABX | 25747600 | 43.34 | + 2.74 |
| Allied Nevada | ANV | 2459943 | 19.14 | + 2.29 |
| Goldcorp | G | 17854930 | 43.16 | + 2.29 |
| CentralGold-T | GTU_U | 13823 | 48.21 | + 2.21 |
| Newmont Mng | NMC | 76626 | 55.34 | + 1.94 |
| Agnico-Eagle | AEM | 5985282 | 63.35 | + 1.94 |
| Silver Wheaton | SLW | 11011719 | 19.97 | + 1.88 |
| First Quantum | FM | 2987333 | 73.94 | -7.71 |
| Inmet Mining | IMN | 2132195 | 50.92 | -6.16 |
| Teck A | TCKA | 23059 | 39.24 | -5.12 |
| Teck B | TCKB | 20461733 | 38.80 | -4.43 |
| Labdr I-Ore Ro | LIF_U | 295725 | 49.00 | -3.62 |
| Ivanhoe Mines | IVN | 4067705 | 15.61 | -2.19 |
| Cons Thomp Irn | CLM | 10273635 | 8.20 | -1.74 |
| Thompson Creek | TCM | 6538648 | 12.12 | -1.73 |
| Major Drilling | MDI | 768207 | 25.70 | -1.68 |
| JinshanGoldM | JIN | 4367559 | 4.61 | -1.65 |
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