TORONTO STOCK EXCHANGE -Sept. 20-24

The TSX composite index was up a modest 14 points to finish the Sept 20-24 period at 12,204.86. The big story was the Canadian dollar’s failure to rise despite a weakening U.S. greenback. While most major currencies appreciated against the U.S. dollar, fears that the Canadian economy may be too tied to the slumping American economy was seen as the culprit. Economic growth in Canada is on track for a less-than-inspiring 1-1.5% for the third quarter.

Despite gold’s continuous march towards new heights, the Global Gold index was pretty much flat for the period as it moved up just 0.44 point to finish at 399.62. The metal itself, however, finished at US$1,297, or up roughly US$17.

The Capped Metals & Mining index carved out a modest gain of 72 points to finish at 1,116.40 as the price of copper and aluminum rose while nickel fell and tin prices were flat. Zinc and lead were up as they both broke through the US$1-per-lb. level.

Word of a takeover bid for Baffinland Iron Mines had its shares climbing. The company was up 84% to $1.03 after announcing that Nunavut Iron Ore Acquisition, a subsidiary of Australian-based Iron Ore Holdings, had made an offer of 80¢ per share. Baffinland’s board is reviewing the offer although the company did note that the offer is not classified as a “permitted bid” under its shareholder rights plan. Baffinland is exploring and developing iron ore deposits at its Mary River property on Baffin Island.

Minera Andes settled its legal dispute with its joint-venture partner at an Argentine gold and silver mine and saw its shares climb as a result. The company’s shares finished at $1.46 after announcing it had come to terms with Hochschild Mining at the jointly held San Jose mine. The two companies had been arguing over how cash flows from the mine would be distributed, with Minera Andes wanting the money to go towards a loan it made to the joint venture and Hochschild preferring the money to go towards a project-financing loan it arranged first. The deal will see cash flows split between the two loans.

Mongolia offered some optimism for embattled Khan Resources as the company’s shares shot up 32% to 41¢. The good news was the Mongolia Nuclear Energy Agency’s (NEA) failure to appeal a court ruling which said that the NEA’s invalidation of exploration licences on the company’s Dornod uranium property was illegal. Khan is not out of the woods yet. A separate and earlier court ruling that also called the NEA’s actions illegal is still under appeal by the agency. That appeal should be heard in late September. The company said it filed a $300-million lawsuit with the Ontario Superior Court against the Russian miner Atomredmetzoloto for its “continuing efforts to secure Khan’s rights” to Dornod.

TSX most active issues
VOLUME WEEK
(000s) HIGH LOW CLOSE CHANGE
Kinross Gold K 81777 19.95 18.86 19.43 + 0.50
Baffinland Irn BIM 78067 1.04 0.54 1.03 + 0.47
Mirabela Nickl MNB 30868 1.83 1.65 1.82 + 0.09
Starfield Res SRU 29617 0.05 0.04 0.04 -0.02
Yamana Gold YRI 26254 11.57 10.85 11.40 + 0.35
Alexis Minls AMC 20350 0.21 0.15 0.17 -0.02
Western Coal WTN 20280 5.47 4.95 5.43 + 0.25
Rubicon Mnrls RMX 19271 4.37 4.02 4.28 + 0.15
Teck B TCKB 17489 40.63 38.25 40.35 + 1.03
Andean Res AND 17473 6.45 6.23 6.33 + 0.11
TSX greatest percentage change
VOLUME WEEK
(000s) HIGH LOW CLOSE CHANGE
Baffinland Irn BIM 78067 1.04 0.54 1.03 + 83.9
American Bonan BZA 5056 0.37 0.23 0.34 + 41.6
Orezone Gold ORE 3946 1.42 0.97 1.37 + 41.2
Revett Mnls RVM 2877 0.50 0.38 0.49 + 40.0
Nuinsco Res NWI 5216 0.09 0.05 0.08 + 33.3
BioteQ Env BQE 661 0.84 0.62 0.84 + 33.3
Canadn Zinc CZN 2483 0.67 0.50 0.65 + 32.6
United Mng Grp UMG 2132 0.96 0.66 0.90 + 32.3
Khan Res KRI 1360 0.44 0.31 0.41 + 32.2
Minera Andes MAI 12775 1.66 1.12 1.46 + 31.5
Starfield Res SRU 29617 0.05 0.04 0.04 -33.3
Canarc Res CCM 784 0.10 0.08 0.08 -20.0
Crowflight Mnl CML 16048 0.12 0.09 0.09 -18.1
Adanac Moly AUA 423 0.05 0.05 0.05 -16.6
Forsys Metals FSY 1453 2.28 2.00 2.02 -12.5
EMC Metals EMC 485 0.09 0.07 0.07 -12.5
Excellon Res EXN 2388 0.89 0.76 0.79 -12.2
St Andrew Gldf SAS 2553 1.71 1.36 1.45 -11.5
Polaris Minls PLS 100 1.05 0.93 0.93 -11.4
MInera IRL IRL 63 1.55 1.20 1.33 -11.3
TSX greatest value change
WEEK
VOLUME CLOSE CHANGE
First Quantum FM 2247320 74.07 + 6.62
Ivanhoe Mines IVN 5949265 24.22 + 3.23
Agrium AGU 4536274 79.17 + 2.06
Inmet Mining IMN 1012803 59.10 + 2.03
Silver Wheaton SLW 11398970 27.25 + 1.50
Cameco Corp CCO 4521675 28.18 + 1.26
Allied Nevada ANV 873391 28.18 + 1.22
Golden Mnls AUM 145947 14.51 + 1.17
First Majestic FR 4430582 6.92 + 1.04
Red Back Mng RBI 12156203 34.80 + 1.03
PotashCpSask POT 4950511 149.39 -2.20
Eldorado Gold ELD 16208608 18.70 -1.48
Detour Gold DGC 3920773 29.94 -1.02
Royal Gold RGL 10803 51.30 -0.70
Mag Silver MAG 533986 7.87 -0.60
Exeter Res XRC 632799 6.70 -0.55
Anatolia Minls ANO 3819702 7.02 -0.52
Seabridge Gold SEA 123326 30.27 -0.52
Fronteer Gold FRG 3524230 7.24 -0.45
IAMGold Corp IMG 9382248 17.95 -0.37
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