The “safe haven” of gold and the gold stocks appears to be turning into a regular weekend retreat for investors on the Toronto Stock Exchange. While the TSE 300 composite index lost 29.08 points to close at 7,031.03, the golds roared back from mid-week losses to finish at 5,084.30 points, up 168.51 points or 3.4% of value.
New York gold trading sent the yellow metal US$3.30 higher, closing at US$284.20 per oz. bid. The London afternoon fix had been US$281.80.
Placer Dome, with 1.6 million shares traded, was the most active gold, closing 74 higher at $18.64. Barrick Gold was also heavily traded, with 1.5 million shares changing hands, and closed 71 higher at $25.90.
Among the smaller gold producers, Kinross Gold was 8 higher at $1.43 and TVX Gold added 1 to close at 71. Off the index, Geomaque Explorations, which came to an agreement with three major creditors, was up 1 at 10.
Base metal miners were led downward by Alcan, which fell $1.52 to finish at $47.78. Teck Cominco was off 23 at $10.62, posting the big loss among the non-ferrous producers. Alone among the big integrated miners, Inco gained 2 to finish at $21.59.
LionOre Mining was the surprise among the smaller producers on the index, rising 10 to close at $1.70.
Canada’s junior exchange failed to follow through on a two-day rally as losses in the technology sector dragged down the overall market. The Canadian Venture Exchange ended the day basically unchanged down 0.09 of a point to finish the week at 2,879.63. The Mining Index lost 37.74 points, or 0.5%, to close at 7,153.37.
National Gold managed to gain 1 to 15 on 611,500 shares. The Albert Matter-led junior has been actively trying to advance the Salamandra gold property in Mexico.
A nice percentage gainer, Excellon Resources climbed 4 to close at 35 on 685,500 shares. The company has been gearing up to drill test the Platosa-Saltillera gold property in northwestern Durango state, Mexico. A 10,000 ft. drill program is being proposed.
Ahead of a proposed 10:1 share consolidation, Gold Giant Minerals ended the week up 1 to 2 on 325,000 shares. The junior has scheduled a shareholders’ meeting for Nov. 16 to vote on a consolidation and re-organization of the company, including a possible name change.
IMA Explorations gained 3 to end the week at 53 on 220,300 shares. Drilling is underway on the junior’s wholly-owned Rio Tabaconas polymetallic project in northern Peru. Assay results from the first few holes are expected in the next week.
Poplar Resources tacked on 2 to close at 21 on 283,000 shares. At last report, the company’s 65%-owned subsidiary is currently drilling the third of a planned 20-hole program over the Bottenbacken polymetallic property in central Sweden.
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