The S&P/TSX Venture Composite Index lost more ground during the trading sessions, dropping 2.8%, or 34.8 points, before closing at 1,186.06. Uncertainty over U.S. economic policy negotiations and the upcoming fiscal cliff offset strong Canadian bank earnings and employment data.
February contracts for gold trended below US$1,700 per oz. during mid-week trading before closing down US$11 at US$1,705.35 per oz. Copper futures enjoyed a stronger week, with March contracts for the red metal closing up 2.4¢ at $3.67 per lb.
Oil prices took a tumble late in the week on the back of global demand concerns, as January crude contracts closed down 33¢ at US$85.93 per barrel on the New York Mercantile Exchange.
Vancouver-based Afferro Mining (AFF-V) led the value-added category this week, as the company jumped 23¢ before closing the trading period at $1.23 per share. On Dec. 6, Afferro confirmed media speculation that it was in discussions with a number of parties regarding a strategic investment, or possible acquisition. Afferro holds large-scale iron ore exploration permits in Cameroon in Central Africa. The most advanced project is the company’s wholly owned Nkout property, 330 km from a deepwater port near the coastal town of Kribi. Nkout hosts 1.2 billion indicated tonnes grading 32.9% iron, and Afferro’s preliminary economic assessment offers a $4.6-billion post-tax net present value and 24% internal rate of return at a 10% discount rate. During 2012, the company focused on building direct-shipping ore potential with seven operational drill rigs. Afferro is targeting a pre-feasibility study in 2013.
Montreal-based Maudore Minerals (MAO-V) dropped 61¢ during the week before closing at $1.79 per share. On Dec. 5, the company announced a series of transactions, including a new acquisition and a move to secure debt financing.
Maudore announced a non-binding proposal to Eagle Hill Exploration (EAG-V) for a business merger between the two companies. Eagle Hill owns 75% of the Windfall Lake gold property on the Abitibi belt in northern Quebec, and completed a 25,000-metre drill campaign in April. A second 25,000-metre drill program is scheduled for completion in December. Windfall holds 1.7 million indicated tonnes grading 10 grams gold per tonne for 538,000 oz. gold. Maudore also announced an agreement with Noront Resources to acquire the remaining 25% in Windfall. A third transaction involved Maudore signing a term sheet for a $35-million debt financing, and receiving commitments for $3.25 million in bridge financing.
TSX-V most active issues
| Volume | |||||||
| Company | Symbol | (000s) | High | Low | Close | Change | |
| RPT Uranium | RPT | 8235 | 0.01 | 0.01 | 0.01 | 0 | |
| Woulfe Mng | WOF | 7011 | 0.39 | 0.35 | 0.36 | – | 0.01 |
| Catalyst Coppr | CCY | 6020 | 0.07 | 0.05 | 0.05 | – | 0.01 |
| Blue Note Mng | BNT | 5346 | 0.02 | 0.01 | 0.01 | – | 0.01 |
| Unigold | UGD | 4913 | 0.36 | 0.3 | 0.33 | – | 0.02 |
| Fission Energy | FIS | 4621 | 0.64 | 0.51 | 0.52 | – | 0.06 |
| KWG Res | KWG | 4148 | 0.05 | 0.05 | 0.05 | 0 | |
| Canasia Indust | CAJ | 4129 | 0.02 | 0.01 | 0.01 | – | 0.01 |
| Kaminak Gold | KAM | 3865 | 1.21 | 0.97 | 1 | – | 0.2 |
| Aurcana Corp | AUN | 3677 | 1.04 | 0.96 | 1.01 | – | 0.01 |
TSX-V greatest percentage change
| Volume | |||||||
| Company | Symbol | (000s) | High | Low | Close | Change | |
| La Quinta Res | LAQ | 281 | 0.01 | 0.01 | 0.01 | + | 100 |
| Britannica Res | BRR | 61 | 0.14 | 0.08 | 0.14 | + | 80 |
| Acrex Vent | AKV | 498 | 0.04 | 0.02 | 0.04 | + | 75 |
| Harvest Gold | HVG | 135 | 0.11 | 0.05 | 0.11 | + | 75 |
| Northern Lion | NL | 99 | 0.06 | 0.04 | 0.06 | + | 71.4 |
| Gitennes Expl | GIT | 326 | 0.03 | 0.02 | 0.03 | + | 66.6 |
| Pitchblack Res | PIT | 40 | 0.2 | 0.13 | 0.2 | + | 66.6 |
| Burnstone Vent | BVE | 62 | 0.09 | 0.06 | 0.09 | + | 63.6 |
| Georox Res | GXR | 133 | 0.11 | 0.07 | 0.11 | + | 61.5 |
| Viking Gold | VGC | 711 | 0.13 | 0.07 | 0.13 | + | 56.2 |
| Trijet Mining | TJT | 1410 | 0.02 | 0.01 | 0.01 | – | 66.6 |
| Dawson Gold | DYU | 876 | 0.02 | 0.01 | 0.01 | – | 66.6 |
| Mukuba Res | MKU | 138 | 0.05 | 0.03 | 0.03 | – | 57.1 |
| Tiger Intl | TGR | 10 | 0.27 | 0.17 | 0.17 | – | 51.4 |
| Red Pine Expl | RPX | 1950 | 0.01 | 0.01 | 0.01 | – | 50 |
| Nevada Geo Pow | NGP | 704 | 0.01 | 0.01 | 0.01 | – | 50 |
| Challenger Dev | CDQ | 250 | 0.02 | 0.01 | 0.01 | – | 50 |
| Kirrin Res | KYM | 1734 | 0.01 | 0.01 | 0.01 | – | 50 |
| Q-Gold Res | QGR | 65 | 0.1 | 0.05 | 0.05 | – | 50 |
| Northcore Res | NCR | 333 | 0.01 | 0.01 | 0.01 | – | 50 |
TSX-V greatest value change
| Company | Symbol | Change | Close | Change | |
| La Quinta Res | LAQ | 281 | 0.01 | 0.01 | 0.01 |
| Britannica Res | BRR | 61 | 0.14 | 0.08 | 0.14 |
| Acrex Vent | AKV | 498 | 0.04 | 0.02 | 0.04 |
| Harvest Gold | HVG | 135 | 0.11 | 0.05 | 0.11 |
| Northern Lion | NL | 99 | 0.06 | 0.04 | 0.06 |
| Gitennes Expl | GIT | 326 | 0.03 | 0.02 | 0.03 |
| Pitchblack Res | PIT | 40 | 0.2 | 0.13 | 0.2 |
| Burnstone Vent | BVE | 62 | 0.09 | 0.06 | 0.09 |
| Georox Res | GXR | 133 | 0.11 | 0.07 | 0.11 |
| Viking Gold | VGC | 711 | 0.13 | 0.07 | 0.13 |
| Trijet Mining | TJT | 1410 | 0.02 | 0.01 | 0.01 |
| Dawson Gold | DYU | 876 | 0.02 | 0.01 | 0.01 |
| Mukuba Res | MKU | 138 | 0.05 | 0.03 | 0.03 |
| Tiger Intl | TGR | 10 | 0.27 | 0.17 | 0.17 |
| Red Pine Expl | RPX | 1950 | 0.01 | 0.01 | 0.01 |
| Nevada Geo Pow | NGP | 704 | 0.01 | 0.01 | 0.01 |
| Challenger Dev | CDQ | 250 | 0.02 | 0.01 | 0.01 |
| Kirrin Res | KYM | 1734 | 0.01 | 0.01 | 0.01 |
| Q-Gold Res | QGR | 65 | 0.1 | 0.05 | 0.05 |
| Northcore Res | NCR | 333 | 0.01 | 0.01 | 0.01 |
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