TSX continues record streak

Concerns over Iran’s nuclear program and a cold snap in northeastern North America focused investors’ attention on precious metals and energy shares during the Jan. 10-16 report period. The TSX’s gold index climbed another 6.08 points, or 2.2%, to 282.66 as bullion jumped US$20.25 per oz. to US$561.75 in London. Platinum jumped US$53 to an all-time high of US$1,049 per oz. The diversified miners fell 9.34 points to 403.39 despite higher metal prices nearly across the board. Overall, the TSX Composite Index yo-yo’d itself to a record close of 11,720.97 points.

Bema Gold continued to lead the way among the golds, picking up another 39 to make $4.52 with more than 35 million shares on the go. The shares are up around 34% already this year.

Bolivar Gold was next in line with around 23.4 million shares advancing 23 to $3.19. Bolivar’s shareholders recently approved the company’s planned acquisition by South African major Gold Fields. Still, the plan faces a court challenge from dissident shareholder Scion Capital. The California-based fund manager holds a 19% stake in Bolivar.

Tahera Diamond grabbed the bronze with a handful fewer shares changing hands. The company’s Jericho diamond mine in Nunavut is expected to begin full commercial production at the end of the first quarter. The $94.4-million operation is expected to produce around 4.7 million carats at US$95 apiece over nine years. The shares ended unchanged at 68.

Steelmaker Dofasco jumped $7.59, or 12%, to $72.40 on just shy of 15 million shares after Luxembourg-based Arcelor sweetened its bid for the company by 12.7% to $5.51 billion. The bid tops that of Germany’s ThyssenKrupp, which stands at $71 a share, or $5.5 billion.

Blue Pearl Mining put in the biggest percentage increase, with the company’s warrants gaining 71.4% to 60 and the common shares advancing 58.4% to $1.22. The company plans to privately place 500,000 units at 80 apiece. Blue Pearl is developing the long-dormant Davidson molybdenum deposit near Smithers, B.C. Plans call for annual moly production of 4.8 million lbs.

Lumina Resources added to earlier gains, ending 19, or 54% better at 54. Drilling on the NW Expo area of its Hushamu project, on northern Vancouver Island, recently yielded 95 metres of 1 gram gold, 0.17% copper and 0.025% molybdenum. The hole tested a 2-km-long magnetic anomaly. The shares were off 14, or 26% at 40 in late-afternoon trading on Jan. 17, the day after the drill results were released.

Newly listed silver vehicle Minco Silver shot up $1, or 56%, to $2.78. The company recently resumed drilling on its Fuwan project in Guangdong province, China. A 9-hole, 2,500-metre drill program will test for downdip extension of the existing inferred resource of 20.4 million tonnes at 181 grams silver, 0.34 gram gold, 0.2% lead, and 0.65% zinc.

The warrants of Peru Copper stood out on the minus side, falling 37.5% to 60; the common shares were off 41 at $2.84. The company’s shares recently began trading on the venture capital segment of the Lima Stock Exchange; they also trade on the American Stock Exchange. The company is advancing the Toromocho copper project in central Peru, where measured and indicated resources amount to 1.8 billion tonnes running 0.68% copper-equivalent. A feasibility study is due in the first quarter of 2006.