TORONTO STOCK EXCHANGE -June 14-18

The TSX composite index finished the June 14-18 period higher as gold rose to record highs and the situation in Europe continued to brighten.

More positive news also came out of China when the country signaled that it might be open to allowing its currency to slowly appreciate. The yuan’s subsequent gain and the dollar’s demise helped spur gold prices, and oil also received a boost from signs that Chinese demand for crude would pick up in the coming weeks.

But interest in gold and oil failed to translate into interest in the base metals. Copper, aluminum, nickel and zinc prices all fell for the period and the Capped Metals and Mining index was off modestly to 903 points.

The higher gold price coincided well with developments at Banro’s Twangiza gold project in the Democratic Republic of the Congo. The company announced that a refurbished gold mill was en route from Australia and would arrive in Africa by July. Banro says it’s on schedule to finish building the first phase at the mine in the fourth quarter of 2011. The mine is set to process 1.3 million tonnes of ore per year. Banro has outlined 6.7 million oz. of measured and indicated resources along the 210-km long Twangiza-Namoya gold belt. Its shares were up 19% to $2.15 for the period.

The period’s other big winner was Avalon Rare Metals. The Toronto-based company was up 29% to $2.65 apiece, after recently announcing an updated resource estimate for its Nechalacho rare earth element (REE) deposit at Thor Lake in the Northwest Territories. The project is now the world’s second-largest REE deposit by reported total rare earth oxides and the third-largest niobium deposit.

Optimism over Volta Resources’ new drill program at its Nassara prospect on the Danyoro permit in Burkina Faso had the company’s shares up nearly 20% to $1.34. The new 3,500-metre program will follow up on a recent trenching campaign that returned a highlight assay of 1.95 grams gold per tonne over 25 metres.

Anatolia Minerals now has the land titles it needs for its Copler gold mine in eastern Turkey and the market signaled its approval by sending the company’s shares up 19% to $6.05 for the period. Anatolia now has titles to all the private land within the footprint of the mine’s first development phase. Anatolia will move the village north of the mine site.

Ongoing labour disruptions forced Gammon Gold to shut down its El Cubo operation in Mexico. The news sent the company’s shares down 14% to $6.76 for the period. Gammon called workers’ demands “untenable” and blames the union’s poor productivity for spoiling the mine’s economics. Gammon has already fired 397 union workers and is filing criminal charges against seven union executives.

TSX most active issues
VOLUME WEEK
(000s) HIGH LOW CLOSE CHANGE
Centamin Egypt CEE 26059 2.64 2.42 2.55 + 0.12
Eastern Platin ELR 23042 1.28 1.19 1.21 -0.01
Barrick Gold ABX 22252 47.47 42.93 47.01 + 2.45
Uranium One UUU 22198 2.32 2.14 2.32 + 0.07
Western Coal WTN 21747 5.16 4.66 4.74 -0.16
Lundin Mng LUN 20669 3.82 3.60 3.70 + 0.03
Yamana Gold YRI 20362 11.35 10.53 11.22 + 0.27
Teck B TCKB 18720 36.64 34.96 35.39 + 0.66
B2Gold BTO 18455 1.92 1.47 1.83 + 0.31
Cons Thomp Irn CLM 16966 8.44 7.81 7.92 -0.19
TSX greatest percentage change
VOLUME WEEK
(000s) HIGH LOW CLOSE CHANGE
South Am Gld&C SAG 791 0.04 0.03 0.03 + 50.0
AvalonRareMt AVL 1930 2.80 2.06 2.65 + 29.2
Treasury Metal TML 195 0.38 0.27 0.37 + 23.3
Mediterrn Res MNR 169 0.11 0.09 0.11 + 22.2
Contintl Gold CNL 2463 3.50 2.63 3.40 + 21.4
B2Gold BTO 18455 1.92 1.47 1.83 + 20.3
X-Cal Res XCL 149 0.12 0.10 0.12 + 20.0
Volta Res VTR 3218 1.46 1.10 1.34 + 19.6
Banro Res BAA 6032 2.19 1.83 2.15 + 19.4
Anatolia Minls ANO 6129 6.14 4.99 6.05 + 19.0
BRC DiamondCr BCD 10 0.12 0.08 0.08 -38.4
Nord Res NRD 18 0.12 0.12 0.12 -25.0
Starcore Int V SAM 4140 0.13 0.09 0.10 -23.0
Velocity Minls VLC 34 0.15 0.12 0.12 -20.0
Acadian Mng ADA 393 0.05 0.05 0.05 -16.6
Crosshair E&Mg CXX 2846 0.13 0.10 0.11 -15.3
Gammon Gold GAM 5515 7.96 6.73 6.76 -14.4
TriAusMin TOR 12 0.06 0.06 0.06 -14.2
Olympus Pacif OYM 2264 0.32 0.26 0.28 -12.5
Grandview Gld GVX 183 0.08 0.06 0.07 -12.5
TSX greatest value change
WEEK
VOLUME CLOSE CHANGE
First Quantum FM 4072504 61.89 + 6.10
Newmont Mng NMC 71075 62.83 + 4.59
Agnico-Eagle AEM 4426601 66.14 + 3.88
Barrick Gold ABX 22251793 47.01 + 2.45
Coeur d Alene CDM 130788 17.38 + 2.20
Allied Nevada ANV 1261778 22.13 + 2.18
Pan Am Silver PAA 1196632 28.19 + 1.95
Inmet Mining IMN 1547021 46.55 + 1.92
Teck A TCKA 11579 37.47 + 1.86
Alamos Gold AGI 2784761 17.50 + 1.83
CentralGold-T GTU_U 49775 49.70 -2.91
PotashCpSask POT 4864741 101.10 -2.81
HoriznsGBear HGD 3038920 12.02 -1.43
Gammon Gold GAM 5514960 6.76 -1.14
Agrium AGU 3964403 53.17 -0.94
IShCOMEXGTr IGT 37115 12.58 -0.72
Centerra Gold CG 2558845 11.94 -0.53
Harry Winston HW 6251529 13.89 -0.41
Fronteer Gold FRG 13283052 6.74 -0.35
JinshanGoldM JIN 1505841 4.04 -0.30
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