U.S. MARKETS APRIL 27-MAY 3

Despite continued fears that a rescue package for Greece will not prevent the sovereign debt crisis from spreading, U.S. equity markets showed signs of life during the April 21-May 3 reporting period, with the Dow Jones industrial average climbing 159.84 points or 1.45% to finish at 11,151.83, while the S&P 500 index rose 18.55 points or 1.57% to 1,202.26.

With the New York spot price for gold moving from US$1,168.40 per oz. to US$1,182.30 per oz., the Philadelphia Gold and Silver index advanced 4.68 points or 2.72% to 176.57 points. All five of the top value gains were gold companies. Seabridge Gold jumped US$4.30 per share on no news. The company is spending $17.5 million this year at its KSM project near Stewart, B.C. KSM has reserves of 1.6 billion tonnes grading 0.59 gram gold per tonne for contained gold of 30.2 million oz. Barrick Gold jumped US$2.36 to US$42.82 in the wake of strong quarterly results. First quarter net income increased by 149% to US$741 million (US$0.75 per share), higher than the US$298 million (US$0.34 per share) it achieved in the same quarter of 2009. Operating cash flow more than tripled to US$1.05 billion from US$349 million.

On the negative side of the ledger, however, concerns about a proposed 40% tax on the profits of mining companies in Australia sent Rio Tinto shares crashing 33.8% or US$24.47 apiece to close at US$47.92 per share. BHP Billiton shares tumbled US$6.87 to US$71.44.

Vale shares fell US$2.22 to US$30.10, despite news the Brazilian iron ore producer has inked a deal with BSG Resources to develop what it claims will be one of the world’s largest iron ore projects in Guinea. Vale has acquired 51% of BSGR Guinea for US$2.5 billion and will assume management control of the Zogota and Simandou project. Vale believes it can build a low-cost iron producer of 50 million tonnes per year with the potential to ramp up to 75-90 million tonnes. As part of the deal, it must rebuild sections of the trans-Guinea railway.

Cliffs Natural Resources also dropped US$14.05 to US$58.95 per share, despite strong financial results. Cliffs reported consolidated revenues in the seasonally slow first quarter of US$727.7 million, up 57% from US$464.8 million in the same quarter last year.

U.S. most active issues
	VOLUME		WEEK
	(000s)	HIGH	LOW	CLOSE	CHANGE
Alcoa* AA	181808	13.98	12.97	13.15	-0.90
Freeport McMo*FCX	76024	79.20	72.02	73.74	-6.66
Barrick Gold* ABX	68514	44.37	39.79	42.82	+ 2.36
Hecla Mining* HL	65681	6.13	5.75	5.92	+ 0.03
Goldcorp* GG	54757	44.09	40.15	42.70	+ 2.07
Massey Energy* MEE	50663	43.18	36.21	37.49	-6.12
Cliffs Nat Rs* CLF	49878	72.24	58.66	58.95	-14.05
Newmont Mng* NEM	47178	57.05	52.13	54.93	+ 1.74
Kinross Gold* KGC	36960	19.47	17.89	18.70	+ 0.57
Vale* VALE	36476	31.92	29.67	30.10	-2.22

U.S. greatest percentage change
		VOLUME	WEEK
		(000s) HIGH	LOW	CLOSE	CHANGE
Golden Phoen*	GPXM	2402 0.06	0.05	0.06	+ 20.0
General Moly*	GMO	8658 4.36	3.35	4.30	+ 18.7
Goldfield*	GV	983 0.46	0.39	0.45	+ 15.3
NovaGold Res*	NG	18967 9.18	7.61	8.99	+ 15.2
Seabridge Gld*	SA	3398 33.94	28.70	33.34	+ 14.8
Grandview Gld*	GVGDF	69 0.10	0.08	0.08	+ 14.2
US Gold*	UXG	628 3.65	3.16	3.63	+ 13.7
Allied Nevada*	ANV	628 19.67	16.54	19.03	+ 13.2
Quaterra Res*	QMM	169 1.90	1.63	1.90	+ 11.7
America West*	AWSR	1207 0.16	0.09	0.10	+ 11.1
Rio Tinto*	RTP	17788228.23	47.10	47.92	-33.8
Metalline Mng*	MMG	302 1.15	0.85	0.90	-22.4
Global Gold*	GBGD	404 0.14	0.02	0.14	-22.2
Cliffs Nat Rs*	CLF	49878 72.24	58.66	58.95	-19.2
Tombstone Exp*	TMBXF	935 0.13	0.09	0.10	-16.6
Constittn Mng*	CMIN	1246 1.05	0.85	0.85	-16.6
Madison Minls*	MMRSF	59 0.12	0.08	0.10	-16.6
Patriot Coal*	PCX	6282 23.20	19.10	19.72	-15.5
Mesabi Trust*	MSB	736 22.88	18.92	19.50	-14.4
Linux Gold*	LNXGF	601 0.06	0.05	0.06	-14.2

U.S. greatest value change
WEEK
		VOLUME	CLOSE	CHANGE
Seabridge Gld*	SA	3398073	33.34	+ 4.30
Royal Gold*	RGLD	2817886	50.93	+ 2.58
Barrick Gold*	ABX	68514209	42.82	+ 2.36
Randgold Res*	GOLD	4904390	83.10	+ 2.34
Allied Nevada*	ANV	628400	19.03	+ 2.22
Yanzhou Coal*	YZC	2527950	26.66	+ 2.09
Goldcorp*	GG	54756912	42.70	+ 2.07
Silver Wheatn*	SLW	35136239	19.81	+ 1.77
Newmont Mng*	NEM	47178249	54.93	+ 1.74
AngloGold Ash*	AU	10788368	41.99	+ 1.73
Rio Tinto*	RTP	17787878	47.92	-24.47
Cliffs Nat Rs*	CLF	49877706	58.95	-14.05
BHP Billi-BHP*	BHP	31489772	71.44	-6.87
BHP Billi-BBL*	BBL	15849449	59.38	-6.85
Freeport McMo*	FCX	76023788	73.74	-6.66
Massey Energy*	MEE	50663101	37.49	-6.12
Alpha Nat Res*	ANR	21943617	46.26	-5.95
Teck B*	TCK	28281908	38.41	-4.64
Peabody Enrgy*	BTU	33982883	45.88	-3.89
Patriot Coal*	PCX	6281700	19.72	-3.62