Investors shrugged off the tendency to sell at the close of the year causing the TSX Composite index to rise from 13,231.49 points to 13,443.22 for the Dec. 20-31 period.
Perhaps investors were emboldened by year-end figures on the Canadian economy which showed real gross domestic product growth for the year coming in just under 3%. That growth, however, was driven more by business and household spending than by exports, which were not as strong as expected.
Gold also partook in the good news vibe as its price rose roughly US$30 to finish at US$1,410.25 per oz. Gold miners, however, didn’t feel the full effects of the latest rally as the Global Gold index was down a point to 420.62 points.
The Capped Metals & Mining index showed no signs of sluggishness as it headed into the New Year. The index was up 24 points to 1,483.15 as the price for copper continued to rise alongside better prices for lead and zinc. Prices for nickel, aluminum and tin were all slightly off.
Talon Metals was one of the period’s best feel-good stories as its shares shot up 66% to $1.64. The bump came after Talon released its first resource estimate on the Trairao iron project in Brazil. Inferred resources came in at 168 million tonnes of 42% iron and were calculated to a depth of 50 metres. The estimate includes a higher-grade upper zone with an inferred resource estimate of 22 million tonnes of 50% iron.
With its financing picture coming into clearer focus Moly Mines jumped 57% to $1.62. The company took a big step towards securing the US$500 million it needs to build its Spinifex Ridge molybdenum project in Australia by signing a term sheet with China Export-Import Bank and China Development Bank. The term sheet gives Moly Mines the ability to drawdown US$466 million.
Canarc Resources enjoyed a 47% gain lifting it to 28¢. The company announced it was buying the Relief Canyon gold mine assets in Nevada from Firstgold for US$11 million. Relief Canyon is an open-pit, heap-leach gold mine that is largely already built and permitted. The asset was acquired through a bankruptcy court auction and has a non-compliant historic gold resource of 4.23 million tonnes of 0.62 gram gold for 100,000 oz. gold.
Paramount Gold and Silver continued its recent strong run by gaining 46% to finish at $3.99. The company’s shares have climbed ever since it announced the discovery of a strike extension from Coeur d’Alene Mines’ Palmarejo gold-silver mine at its San Miguel project. The company called the discovery the most significant to date, and then followed up a week later with word that the zone had an even greater strike potential than it originally believed. Paramount says it is developing multiple targets for drill testing in early 2011.
TSX most active issues
VOLUME WEEK
(000s) HIGH LOW CLOSE CHANGE
Baffinland Irn BIM 47551 1.45 1.30 1.43 + 0.11
MagIndustries MAA 36717 0.33 0.23 0.23 – 0.05
Canada Lithium CLQ 32014 2.23 1.25 1.99 + 0.75
Cline Mng CMK 29547 4.27 2.90 4.04 + 1.06
Eastern Platin ELR 27224 1.86 1.74 1.77 + 0.02
Uranium One UUU 22959 4.89 4.40 4.76 + 0.41
Avalon Rare Mt AVL 15512 6.77 4.01 6.21 + 2.11
Equinox Minls EQN 15485 6.36 5.83 6.11 + 0.20
Western Coal WTN 14864 12.44 11.95 12.30 + 0.28
Silvermex Res SLX 13280 1.09 0.93 0.97 + 0.05
TSX greatest percentage change
VOLUME WEEK
(000s) HIGH LOW CLOSE CHANGE
Adanac Moly AUA 7006 0.08 0.04 0.06 + 100.0
Talon Metals TLO 1568 1.95 1.00 1.64 + 65.6
Crosshair E&Mg CXX 4492 2.80 1.22 2.49 + 63.8
Canada Lithium CLQ 32014 2.23 1.25 1.99 + 60.4
Moly Mines MOL 10432 1.65 1.06 1.62 + 57.2
Africo Res ARL 311 1.30 0.81 1.25 + 54.3
Avalon Rare Mt AVL 15512 6.77 4.01 6.21 + 51.4
Canarc Res CCM 3155 0.28 0.20 0.28 + 47.3
Paramount Gold PZG 3693 4.00 3.11 3.99 + 46.1
Silver Bear Rs SBR 1938 0.73 0.51 0.73 + 46.0
MagIndustries MAA 36717 0.33 0.23 0.23 – 17.8
Noventa NTA 23 0.50 0.30 0.40 – 16.6
Geovic Mng GMC 2420 0.90 0.65 0.72 – 15.2
Opta Minls OPM 50 1.85 1.41 1.65 – 10.3
Mediterrn Res MNR 1999 0.09 0.08 0.09 – 10.0
Foraco Intl FAR 21 2.60 2.20 2.37 – 8.8
Magma Metals MMW 336 0.60 0.53 0.55 – 8.3
Sulliden Expl SUE 3274 2.50 2.09 2.24 -&
nbsp; 8.2
Semafo SMF 9236 11.97 10.63 10.75 – 7.7
Crescent Gold CRA 445 0.14 0.11 0.12 – 7.6
TSX greatest value change
WEEK
VOLUME CLOSE CHANGE
Potash Cp Sask POT 3591760 154.45 + 14.49
Agrium AGU 3965263 91.50 + 8.41
Teck B TCKB 10185312 61.79 + 3.40
Teck A TCKA 16669 62.00 + 2.79
Labdr I-Ore Ro LIF_U 299607 67.25 + 2.72
Inmet Mining IMN 861613 77.26 + 2.24
Avalon Rare Mt AVL 15512152 6.21 + 2.11
Pan Am Silver PAA 869119 40.93 + 1.95
North Am En Pa NOA 116220 12.22 + 1.93
Witwatersrand WGR 116708 10.00 + 1.70
First Quantum FM 2283511 108.00 – 3.23
Ivanhoe Mines IVN 7536997 23.00 – 0.99
Semafo SMF 9236124 10.75 – 0.90
Centerra Gold CG 1498711 19.84 – 0.73
Allied Nevada ANV 504096 26.35 – 0.67
Detour Gold DGC 1093890 29.19 – 0.52
Chieftain Mtls CFB 48940 5.50 – 0.40
Fronteer Gold FRG 3792121 11.62 – 0.39
Dundee Prec Mt DPM 2067056 9.38 – 0.32
Osisko Mng OSK 6656155 14.52 – 0.31
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