The Toronto Stock Exchange finished the holiday-shortened week 25.89 points higher at 8,833.48 points on Thursday. The diversified miners added 1.1 points to make 224.99, while the golds dropped 0.62 of a point to 227.19.
Beleaguered Quebec miner McWatters Mining ended with the biggest percentage gain among the miners, with 762,781 shares rising half a cent, or 33.3%, to 2. The company recently completed the sale of a portion of its Kiena mine royalties to Vancouver-listed Wesdome Gold Mines for $700,000.
Next in line was Niocan, which jumped 19, or 16%, to $1.39. The company is developing the Oka niobium project, near Montreal. Niocan envisages annually mining 892,000 tonnes of ore grading 0.63% Nb2O5, with mill recovery figured in the mid-70s to produce 4,500 tonnes of ferroniobium for 17 years.
Heading the other way was Canadian Zinc, which slid 13, or 12%, to 96. The Vancouver-based company intends to spend $3 million exploring the Prairie Creek mine property in the Northwest Territories beginning in May. Prairie Creek currently has a resource of about 11.9 million tonnes grading 12.5% Zinc, 10.1% lead and 0.4% copper, plus 161 grams silver per tonne. The project includes an underground mine and mill, and related infrastructure.
Tagging along was Guyana Goldfields, down 8, or more than 10%, at 70. The company is currently embarked on a tunnel sampling program at its 65-sq.-km Aurora property in Guyana. The project is home to many historical exploration and development tunnels dating from the early 1940s.
On Thursday, Quadra Mining completed its initial public offering of 24.2 million shares at $6 apiece for gross proceeds of about $145 million. The company also granted the underwriters an over-allotment option on up to another 3.6 million like-priced for 30 days after closing. Some of the proceeds went to the acquisition of the BHP Billiton’s Robinson mine in Nevada.
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