Gold stocks got a shot in the arm on Thursday following news that United Nation inspectors have found chemical warheads in Iraq. In New York, gold surged US$7 to settle at US$358.10 per oz. Overall, the S&P/TSX Composite Index gained 25.61 points to 6,827.02.
Kinross Gold was the most active miner, gaining 15 to close at $3.60 on 9.2 million shares. Base metal miner Breakwater Resources continued to climb on news that joint venture partner Agnico-Eagle Mines has discovered a new gold zone on Breakwater’s Lapa Property in Cadillac Township, Quebec. The junior ended the session at 26, up 3 on 7.7 million shares.
Wheaton River Minerals bounced back from yesterday’s sell off, gaining 12 to close at $1.59 on 4.8 million shares. Shares in the company dropped 9 after announcing that it has signed a letter of intent to buy mining giant Rio Tinto‘s Peak gold mine in Australia and its 25% stake in the Bajo de la Alumbrera gold-copper mine in Argentina for US$210 million.
The country’s major gold producers put in solid gains. Placer Dome gained 65 to $17.57, and Barrick Gold ended 85 higher at $24.40. Gold explorers continued to propel Canada’s junior exchange higher. The S&P-TSX Venture Exchange composite index added 16.25 points, or 1.46% and closed at 1,127.30.
Making a nice percentage move, Radius Explorations added 9 to close at 99 on 263,500 shares. The Simon Ridgway-led company recently reported encouraging drill results from the Holly and Tambor gold properties in Guatemala.
ECU Silver Mining ended the day flat at 11 with over 900,000 shares traded. The company holds the Valardena property in Mexico. The project has a total resource of 2.5 million tonnes grading 2.8 grams gold and 269 grams silver.
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