Toronto Stock Exchange – Feb. 17-23

Failing to find reasons for optimism in a sagging global economy, investors drove the S&P/TSX composite index down over the Feb. 17-23 reporting period to levels it hasn’t seen in five years. The index finished 1,031 points lower at 7,647.67, with financials and energy stocks the hardest hit.

And while the Global Gold index held up reasonably well thanks to the price of gold approaching the US$1,000-per-oz. mark, gold stocks were falling with the rest of the index at presstime. For the reporting period, however, the Global Gold index was up roughly 4 points to 332.05.

It was a busy period for Teck, as the falling Canadian mining giant announced it was selling its stake in the Hemlo gold operation, in Ontario, to Barrick Gold for US$65 million and its indirect interest in Sociedad Minera El Brocal to Minas Buenaventura for US$35 million. The moves come as Teck looks to secure cash to see it through its much-publicized financial distress. Teck’s class B shares fell $1.10 to $3.82 for the period on 46.8 million shares traded.

It was a busy period for CGA Mining as well, although unlike Teck, it was the kind of busy that the market rewards. The company announced it had completed the processing plant at its Masbate gold project in the Philippines on schedule, and followed that announcement up with solid drill results from its Segilola gold project in Nigeria. Production at Masbate is slated to start in the first quarter of this year; Segilola does not yet have a resource estimate. CGA shares were up 17¢ to $1.72 on 29.6 million shares traded.

Mining entrepreneur Robert McEwen’s $40-million rescue of Minera Andes helped rally more interest in the company and its stock gained 52%, finishing the period at 73¢. The company was in complete financial disarray until McEwen, already a significant shareholder and a director, stepped up. Originally McEwen was set to acquire 121 million shares at 33¢ per share with a $40-million investment. But an 86¢-per-share takeover bid for Minera Andes from Hochschild Mining forced McEwen to raise the offer to $1 per share for 18.2 million shares. McEwen will also assume Minera Andes’ $17.5-million loan, which is convertible at $1 per share.

Minco Silver’s claim on Sterling Mining’s Sunshine mine had the company trading up 37% to $1.44 for the period. Minco extended a US$5-million loan to Sterling on July 22 last year, when Sterling needed the money for working capital and operating expenses at Sunshine. The loan was secured by Sterling’s assets and a court has now issued a temporary restraining order stopping Sterling from removing, selling, destroying, disposing of, or concealing its collateral. Sterling announced on Feb. 23 that it was giving up its lease on the mine and returning it to its former owner because it could no longer fund ongoing care and maintenance of the site.

TSX most active issues
		VOLUME	WEEK
		(000s)	HIGH	LOW	CLOSE	CHANGE
Redcorp Vent	RDV	131651	0.04	0.01	0.01	-0.03
Teck B	TCKB	46825	4.58	3.50	3.82	-1.10
Yamana Gold	YRI	43048	12.16	10.81	11.30	+ 0.23
CGA Mining	CGA	29693	1.74	1.35	1.72	+ 0.17
Eldorado Gold	ELD	29544	11.90	10.58	11.58	+ 1.13
Equinox Minls	EQN	28356	1.67	1.26	1.29	-0.41
Eastern Platin	ELR	27911	0.47	0.36	0.44	+ 0.07
IAMGold Corp	IMG	27608	11.38	10.06	11.00	+ 1.25
Barrick Gold	ABX	27591	49.66	44.00	44.68	-2.02
Blue Note Mng	BN	27416	0.03	0.01	0.01	-0.01

TSX greatest percentage change
		VOLUME	WEEK
		(000s)	HIGH	LOW	CLOSE	CHANGE
Arehada Mining	AHD	2688	0.08	0.01	0.05	+400.0
Minera Andes	MAI	4137	0.79	0.59	0.73	+ 52.0
Coro Mining	COP	467	0.16	0.13	0.16	+ 45.4
South Am Silvr	SAC	670	0.49	0.31	0.45	+ 45.1
Minco Silver	MSV	331	1.50	1.00	1.44	+ 37.1
Augusta Res	AZC	10104	1.24	0.51	0.80	+ 35.5
South Am Gld&C	SAG	3037	0.04	0.03	0.04	+ 33.3
Minefinders	MFL	2809	8.10	6.38	7.83	+ 30.5
Mines Managmnt	MGT	22	2.40	2.00	2.38	+ 29.3
Silver Eagle	SEG	787	0.16	0.12	0.14	+ 27.2
Redcorp Vent	RDV	131651	0.04	0.01	0.01	-75.0
Blue Note Mng	BN	27416	0.03	0.01	0.01	-50.0
Gitennes Expl	GIT	302	0.06	0.03	0.04	-42.8
Rockwell Diam	RDI	2311	0.06	0.04	0.04	-42.8
Avnel Gold	AVK	16	0.11	0.08	0.08	-38.4
Volta Res	VTR	662	0.20	0.13	0.13	-35.0
Australn Solom	SGA	89	0.17	0.11	0.12	-33.3
Gold Reserve	GRZ	635	1.30	0.74	0.86	-32.8
Avalon Vent	AVL	153	0.79	0.45	0.51	-32.8
Anvil Mining	AVM	1984	1.73	1.11	1.18	-32.5

TSX greatest value change
WEEK
		VOLUME	CLOSE	CHANGE
IShCOMEXGTr	IGT	80259	122.30	+ 7.52
Central Gold-T	GTU_U	123262	56.39	+ 6.98
Royal Gold	RGL	422 76	56.25	+ 3.06
Seabridge Gold	SEA	172406	23.29	+ 3.03
Agnico-Eagle	AEM	6049150	68.68	+ 2.34
Minefinders	MFL	2808915	7.83	+ 1.83
Detour Gold	DGC	1897045	11.90	+ 1.65
Gammon Gold	GAM	3741782	9.71	+ 1.41
Altius Mnrls	ALS	673634	6.50	+ 1.30
IAMGold Corp	IMG	27607977	11.00	+ 1.25
Potash Cp Sask	POT	8747944	95.36	-10.92
Russell Metals	RUS	2044591	14.45	-5.30
Agrium	AGU	6584722	45.98	-4.12
Labdr I-Ore Ro	LIF_U	265076	23.90	-3.80
Major Drilling	MDI	223982	13.15	-3.12
Cameco Corp	CCO	17682739	16.22	-2.98
Inmet Mining	IMN	1581540	26.07	-2.13
Pan Am Silver	PAA	1220970	19.73	-2.03
Barrick Gold	ABX	27591297	44.68	-2.02
Teck A	TCKA	12148	8.00	-1.99