With the Bank of Canada holding rates at 1%, the TSX composite managed to hold on to much of its recent gains for the Oct. 18-22 period. The index fell a mere 11 points for the week, to 12,641.93.
The Bank of Canada’s move marked a pause down the path of gradual increases which it had embarked on since June. The halt came due to downgrades to the economic and inflation outlook
The Global Gold index, which had been falling while gold prices were rising over the last few periods, proved to be a leading indicator for where gold prices were going. The yellow metal finally began to fall off a bit, as it was down US$38 to US$1,322.50, and the Global Gold index finally moved in-step with its underlying commodity as it was off 11 points to end at 392.4.
The Capped Metals & Mining index continued on its torrid pace as it rose another 16 points to 1,248.97. That rise came despite the price of copper falling two pennies to US$3.76 per lb. The prices for aluminum, nickel and tin were also down, while the prices for lead and zinc were higher.
Acquiring a stake in the King-king copper-gold project in the Philippines helped to bolster Ratel Gold’s fortunes. The company was up 57% to 72¢ after announcing it will acquire Russell Mining & Minerals’ interest in King-king. The acquisition will cost Ratel a total of 155 million shares if it exercises all of its options on the project. King-king has a measured and indicated equivalent copper-gold resource of 791.5 million tonnes grading 0.82 gram equivalent gold for 20.7 million equivalent gold oz.
But Ratel wasn’t the only one feeling the market’s enthusiasm. Orezone Gold received a big lift to its share price after updating the resources estimate at its Bombore gold deposit in Burkina Faso. The company’s shares were up 56% to $2.41 after announcing that indicated resources now stand at 60.9 million tonnes grading 0.81 gram gold for 1.6 million oz. gold and inferred resources are at 60.6 million tonnes grading 0.96 gram gold for 1.9 million oz. gold.
The increase makes Bombore the largest undeveloped gold deposit in Burkina Faso. The company says it will embark on an infill and expansion drill program as it pushes to get a preliminary economic assessment on the project done.
Rockgate Capital managed to partake in the run up in uranium stock prices. With the price of uranium oxide finally getting into gear -it approached the US$50 per lb. mark -Rockgate’s recent drill results from its Falea project in Mali had a delayed but desirable effect. While the results came out on Oct. 14, the company’s shares only began to climb this week and were up 26% to $1.08. The drill results were highlighted by an intercept of 6 metres grading 1.24% U3O8 and 34.8 grams silver.
TSX most active issues | ||||||
VOLUME | WEEK | |||||
(000s) | HIGH | LOW | CLOSE | CHANGE | ||
Lundin Mng | LUN | 40785 | 6.98 | 5.45 | 6.75 | + 1.11 |
Eastern Platin | ELR | 32457 | 1.61 | 1.46 | 1.61 | + 0.03 |
KinrossGold | K | 26752 | 19.17 | 17.83 | 18.06 | -1.14 |
Western Coal | WTN | 26617 | 7.13 | 5.94 | 7.07 | + 0.57 |
Yamana Gold | YRI | 25778 | 11.38 | 10.82 | 11.01 | -0.41 |
B2Gold | BTO | 22040 | 2.22 | 1.95 | 2.15 | + 0.12 |
Farallon Res | FAN | 20940 | 0.61 | 0.51 | 0.59 | + 0.03 |
Denison Mines | DML | 17498 | 2.28 | 1.97 | 2.22 | + 0.20 |
Orezone Gold | ORE | 17398 | 2.49 | 1.47 | 2.41 | + 0.87 |
Eldorado Gold | ELD | 16030 | 18.35 | 16.79 | 17.27 | -1.15 |
TSX greatest percentage change | ||||||
VOLUME | WEEK | |||||
(000s) | HIGH | LOW | CLOSE | CHANGE | ||
Ratel Gold | RTL | 8173 | 0.78 | 0.36 | 0.72 | + 56.5 |
Orezone Gold | ORE | 17398 | 2.49 | 1.47 | 2.41 | + 56.4 |
Aquila Res | AQA | 3129 | 0.89 | 0.54 | 0.88 | + 35.3 |
Peregrine Mtls | PGM | 3637 | 0.90 | 0.69 | 0.88 | + 35.3 |
South Am Silvr | SAC | 2600 | 1.47 | 1.03 | 1.40 | + 33.3 |
Bannerman Res | BAN | 2677 | 0.49 | 0.40 | 0.48 | + 26.3 |
Rockgate Cap | RGT | 2646 | 1.15 | 0.84 | 1.08 | + 25.5 |
SouthGobi Res | SGQ | 779 | 12.80 | 9.82 | 12.07 | + 23.0 |
Golden Peaks | GL | 250 | 0.60 | 0.44 | 0.60 | + 22.4 |
Strateco Res | RSC | 2282 | 0.74 | 0.57 | 0.68 | + 21.4 |
Argonaut Gold | AR | 3957 | 4.10 | 3.40 | 3.44 | -17.1 |
Liberty Mines | LBE | 1117 | 0.22 | 0.19 | 0.20 | -16.6 |
Anaconda Mng | ANX | 452 | 0.24 | 0.20 | 0.21 | -16.0 |
Ursa Major Min | UMJ | 579 | 0.12 | 0.10 | 0.11 | -15.3 |
Treasury Metal | TML | 278 | 0.65 | 0.54 | 0.57 | -14.9 |
Genco Res | GGC | 1710 | 0.52 | 0.45 | 0.46 | -14.8 |
Polo Res | POL | 27 | 0.06 | 0.06 | 0.06 | -14.2 |
Timminco | TIM | 4373 | 0.37 | 0.28 | 0.30 | -14.2 |
Potash One | KCL | 8616 | 3.90 | 3.30 | 3.39 | -14.1 |
MInera IRL | IRL | 94 | 1.45 | 1.20 | 1.27 | -14.1 |
TSX greatest value change | ||||
WEEK | ||||
VOLUME | CLOSE | CHANGE | ||
Golden Mnls | AUM | 326595 | 25.80 | + 4.32 |
SouthGobi Res | SGQ | 779310 | 12.07 | + 2.26 |
Europn Goldfld | EGU | 4031546 | 14.02 | + 1.60 |
Labdr I-Ore Ro | LIF_U | 495367 | 57.43 | + 1.53 |
Lundin Mng | LUN | 40784617 | 6.75 | + 1.11 |
Boliden AB | BLS | 12681 | 17.99 | + 1.04 |
Agrium | AGU | 3994924 | 89.16 | + 1.01 |
Orezone Gold | ORE | 17397885 | 2.41 | + 0.87 |
Anvil Mining | AVM | 4579269 | 4.84 | + 0.76 |
Cons Thomp Irn | CLM | 9547816 | 10.22 | + 0.70 |
Seabridge Gold | SEA | 160671 | 27.09 | -3.03 |
Allied Nevada | ANV | 2703204 | 23.75 | -2.05 |
Newmont Mng | NMC | 28655 | 60.58 | -2.03 |
Goldcorp | G | 11802687 | 43.19 | -1.80 |
PotashCpSask | POT | 2875089 | 145.08 | -1.70 |
Osisko Mng | OSK | 10079204 | 14.06 | -1.50 |
CentralGold-T | GTU_U | 39612 | 51.34 | -1.34 |
Agnico-Eagle | AEM | 3095690 | 72.17 | -1.32 |
Alamos Gold | AGI | 4213180 | 15.42 | -1.28 |
Barrick Gold | ABX | 15089960 | 47.26 | -1.27 |
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