The Toronto Stock Exchange’s subindices ended lower across the board on Wednesday, dragging the S&P-TSX Composite Index 123.46 points lower to 8,640.12. The diversified metals & mining index led the way with a 2.6% drop to 211.30; the golds chipping in a lose of 3.97 points to 209.83.
Shares in Gulf International Minerals plunged another 10, or 29%, to a new 52-week low of 25 after the TSX said it was reviewing the continued listing of the company. Gulf is being investigated by the RCMP and B.C. Securities Commission after its CEO was ousted amid allegations of misappropriation of funds. A committee of independent directors continues its investigation of company transactions with current and former directors, officers, shareholders and employees.
Metallica’s loss was surpassed by Southern Cross Resources, which plummeted 48, or 35%, to 89. On Wednesday, Southern Cross said that 49 recently sunk holes will not boost resources at its Honeymoon uranium project in South Australia. Indicated resources there currently total 7.3 million lbs. of U3O8 at an average grade thickness of 0.84 m% U3O8). The company will consider building a smaller scale longer life plant than the originally planned 2 million lb per annum operation is one such option.
Metallica Resources‘ shares fell 48, or 19%, to $2.08 after the company said that a Mexican court has nullified its land lease agreement for the Cerro San Pedro heap-leach gold-silver project. Construction there began earlier this year.
The best the miners could do on the plus side was a 22% gain to $1.34 by Guinor Gold. Late on Tuesday, Guinor said that it has acquired 93.7% of the issued shares in Norwegian-based miner Kenor. By taking more than 40% of the shares Guinor is obliged to make an offer for the remaining shares.
Others on the rise were Corona Gold, up 12.2% to 55, Zaruma Resources, up 12% to 28, and Opawica Explorations, which rose a penny, or 10%, to 11.
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