US markets

It was a good week for U.S. stocks. The Dow Jones Industrial Average gained 112 points to close the trading week at 13,207.95, the broader S&P advanced 15 points to 1,405.87, the Nasdaq Composite Index climbed 53 points to 3,020.86 and the spot price for gold added US$8.90 per oz. to end at US$1,620.50, helping the Philadelphia Gold and Silver Index edge up 8 points to 158.37.

Coeur d’Alene Mines was one of the many companies that posted second-quarter results during the week. On Aug. 7, the primary silver producer reported a quarterly profit of US$23 million, or 26¢ a share, an improvement over the first quarter’s US$4 million at 4¢ a share, but down 40% from last year’s US$38.6 million, or 43¢ a share. Adjusted income came at 31¢ a share, beating analysts’ predictions of 20¢ a share.

The Idaho-based company produced 4.9 million oz. silver and 63,047 oz. gold during the quarter, resulting in US$254.5 million in sales and US$88.4 million in operating cash flow. It expects to hit the high end of its 2012 production guidance of 18.5 to 20 million oz. silver and 210,000 to 230,000 oz. gold.

In a separate release Coeur said it would acquire 1.85 million shares of Huldra Silver for $1.08 apiece, after which it would own and control 3.7 million shares, or 8.8% of the Vancouver-based junior. Coeur surged 24%, or US$3.82, to end at US$19.95 as 11.5 million shares changed hands.

Augusta Resource climbed 21% to US$2.47 a share after it announced that it received a draft air-quality permit for its Rosemont copper-molybdenum project from the Arizona Department of Environmental Quality. The company anticipates obtaining the final air quality permit after the public comment period ends in October.

NovaGold Resources moved up 16.5% since beginning permitting on the sizeable Donlin Gold project in Alaska. The project is equally owned by Barrick Gold, which indicated it would continue permitting the capital-intensive project, but would delay making a construction decision under current market conditions. NovaGold says it would take three to four years to permit Donlin, estimating its share of permitting costs at US$20 million a year. NovaGold closed at US$4.26 a share.

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