The Toronto Stock Exchange regained 29.26 points to end the week at 6,650.03 on Friday. The diversified miners edged up 0.17 of a point to make 118.92 points, while the gold index slipped 1.07 points to 162.42 points.
Major gold producer Kinross Gold slipped 60 to $8.90 with about 4.4 million shares traded to rank as the busiest mining issue. On Friday, Kinross reported a first-quarter loss of US$11.2 million (or a nickel a share), compared with a pre-merger net loss of US$7.9 million in the same period of 2002.
Junior, Eldorado Gold was right behind 8 to make $2.34 with about 3.6 million shares changing hands. The country’s remaining major producers went in opposite directions: Barrick Gold rose 34 to $23.80, while Placer Dome ended 9 cheaper at $14.85.
Montreal-based gold miner, Cambior, added 3 to reach $1.95. The company’s first-quarter loss narrowed to US$2.3 million (or a penny a share) on revenue of US$45.6 million on lower gold sales.
Southwestern Resources rebounded to the tune of 2 pennies to $8.85, after investors hammered the shares after Thursday’s release of drill results for the Boka gold project in the Yunnan province of China. Grades range from 1.3-9.1 grams gold per tonne, but couldn’t match the 75.2 grams gold in a 34.5-meter-long vein last year
Sherritt International outpaced the other diversified miners with more than 1.5 million shares finding their way 7 higher to $4.10. Sherritt said on Friday that it has filed a final prospectus to sell 25 million at $4 apiece to raise $100 million. The estimated $95 million in net proceeds will go to help fund its newly acquired coal operations and associated expansion plans.
Others on the rise were:
Canada’s junior exchange basically unchanged with advancing issues edging out decliners by a 326-to-306 margin.The S&P-TSX Venture Exchange composite index gained 0.9 of a point and closed at 1,065.08.
Spider Resources was the most actively traded junior. The junior recently reported drill results from the Spider #3 massive sulphide project in the James Bay Lowlands of Ontario. Hole 6 drilled below the previously reported massive sulphides in the first two holes intersecting 2.9% Copper and 0.45% zinc over 5.6 metres and a deeper zinc-rich section running 5.4% zinc and 0.3% copper over 9.65 metres. Holes 3 and 4 were drilled 100 metres to the northeast with hole 3 yielding 5.25% zinc and 0.58% copper over 3.95 metres. Hole 4 testing the down dip continuation of the mineralization intersecting 2.41% zinc and 0.495% copper over 8.7 metres. Spider ended the day down down a penny at 11 on over 1.4 million shares.
Shares in Canico gave back just a small portion of its stellar gains over the past week. Driving the junior’s stock is the latest results from the Onca Puma nickel laterite project in Brazil. Canico closed at $7.35, donw 20 on 160,000 shares.
American Bonanza Gold Mining lost 1 to close at 29 on 448,180 shares traded. Investors bid up shares following news that the junior hit high-gold grades in the southern portion of the D-zone on the Copperstone project in Arizona. A total of 42 channel samples were collected from face and rib exposures during the mining of eight rounds covering 80 linear feet. The samples returned values of up to 11.5 oz gold per ton and average 1.2 oz gold.
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