Concerns over inflation, interest rates and upcoming earnings reports saw the Toronto Stock Exchange crawl 19.32 points higher to end the holiday-shortened April 11-17 report period at 12,309.02. The gold index shrugged off those worries to advance 3% to 321.07 points, with gold jumping another US$17.25 to US$614.50 in New York on April 17. Likewise, the diversified miners advanced another 2% to 498.50 points, particularly powered by surging copper and zinc prices.
Drilling on the Mina Justa deposit at its 70%-owned Marcona copper project in Peru sent shares in Chariot Resources soaring 10.5, or 22%, to 57 on an unusually high 60.1 million shares. The company’s warrants nearly doubled to 29. The holes are highlighted by a 100-metre section running 5.35% copper, including 42 metres of 10.54% copper.
Tahera Diamond was next, falling a penny to 60 on around 55.6 million shares. A planned 1-for-5 share consolidation will be put to shareholders on May 15. Tahera’s 835 million fully diluted outstanding shares have been on the slide since mid-March, when the early closure of a seasonal ice road saw only 60% of 450 planned truckloads of supplies reach the Jericho diamond mine.
Equinox Minerals leapt 38, or 25%, to a new 52-week high of $1.90 on the back of surging copper prices. The company’s Lumwana copper project in Zambia is expected to annually produce 180,000 tonnes of copper during its first five years.
Northgate Minerals jumped 88, or 28%, to a new high of $4.04 after drilling cut 7.62 metres running 8.38 grams gold on the Young-Davidson property in Ontario. The company’s warrants were also running about double their previous close.
Leading the percentage losers was Idaho-based WGI Heavy Minerals, which shed 26, or 22%, to 90. Strathcona Mineral Services has withdrawn its reserve and resource estimate for the company’s Srikurmam heavy mineral sands project in India, as WGI deals with several licensing and regulatory issues. The area containing the resource has been trimmed from 95 hectares to 10 hectares, owing to environmental regulations.
Others on the slide were: Band-Ore Resources, off 18% to 36; Moydow Mines International, down 18% to 27.5; Sterlite Gold, which fell 17% to a dime; and Grandview Gold, 15% cheaper at $1.65.
Band-Ore suffered some profit taking after tabling plans to merge and split assets with Venture Exchange-listed Sydney Resource. Moydow is working to complete its own merger with Diamond Fields International. The Ontario Securities Commission placed a cease-trade order on Sterlite’s management, as it is late in filing its 2005 financial statements. Grandview shares debuted at $2.00 on the TSX on April 5. The company is in the midst of a deep-drilling program on the Pony Creek project on Nevada’s Carlin trend.
TSX greatest percentage change
| Volume(000s) | High | Low | Close | Change | ||
| Northgate M wt | NGX.WT | 6501 | 1.18 | 0.57 | 1.18 | +107.0 |
| Northgate wtA | NGX.WT.A | 1712 | 1.18 | 0.57 | 1.16 | +93.3 |
| Chariot Res wt | CHD.WT | 6243 | 0.31 | 0.13 | 0.29 | +93.3 |
| New Gold wt | NGD.WT | 163 | 3.99 | 2.43 | 3.81 | +52.4 |
| Frontera Cp wt | FCC.WT | 701 | 1.65 | 0.96 | 1.45 | +42.1 |
| Ontex Res | ONT | 23 | 0.29 | 0.185 | 0.29 | +38.1 |
| Pure Gld Mnr | PUG | 12690 | 0.085 | 0.06 | 0.08 | +33.3 |
| Euro Res | EUR | 358 | 3.95 | 2.10 | 2.70 | +33.0 |
| Ascendant C wt | ACX.WT | 13 | 0.37 | 0.37 | 0.37 | +32.1 |
| Northgate Mnls | NGX | 15930 | 4.07 | 3.16 | 4.04 | +27.8 |
| WGI Heavy Mnl | WG | 180 | 1.14 | 0.90 | 0.90 | -22.4 |
| Band-Ore Res | BAN | 321 | 0.43 | 0.345 | 0.36 | -18.1 |
| Moydow Mns Int | MOY | 191 | 0.34 | 0.275 | 0.275 | -17.9 |
| Sterlite Gold | SGD | 336 | 0.125 | 0.08 | 0.10 | -16.6 |
| Grandview Gld | GVX | 134 | 1.94 | 1.60 | 1.65 | -14.9 |
| Eastern Pla wt | ELR.WT | 36 | 0.45 | 0.40 | 0.40 | -11.1 |
| Globex Mng | GMX | 179 | 5.26 | 4.50 | 4.70 | -10.6 |
| Gateway Gold | GTQ | 560 | 1.82 | 1.63 | 1.63 | -10.4 |
| Eastern Platin | ELR | 947 | 1.45 | 1.30 | 1.32 | -10.2 |
| Pine Valley Mg | PVM | 133 | 1.83 | 1.60 | 1.60 | -10.1 |
TSX greatest value change
| Volume | Close | Change | ||
| Newmont Mng | NMC | 374163 | 64.07 | +3.15 |
| Centerra Gold | CG | 247985 | 42.52 | +3.04 |
| Inco Ltd | N | 5133931 | 63.89 | +3.03 |
| Boliden AB | BLS | 22573 | 21.10 | +2.80 |
| Cameco Corp | CCO | 3198624 | 45.65 | +2.50 |
| Inco wt | N.WT | 39549 | 34.01 | +2.32 |
| First Quantum | FM | 1365842 | 51.92 | +2.225 |
| Falconbridge | FAL.LV | 8768682 | 44.50 | +2.22 |
| Agnico-Eagle | AEM | 3154538 | 38.65 | +2.03 |
| Pan Am Silv wt | PAA.WT | 26738 | 18.43 | +1.93 |
| Potash Cp Sask | POT | 1055069 | 99.46 | -5.855 |
| Teck Comin B | TEK.SVB | 3643432 | 82.74 | -3.15 |
| Major Drilling | MDI | 273997 | 27.15 | -1.19 |
| FNX Mining | FNX | 1482476 | 13.30 | -0.88 |
| Endeav Mng Cap | EDV | 447958 | 8.25 | -0.70 |
| Labdr I-Ore Ro | LIF.UN | 105979 | 29.51 | -0.58 |
| Globex Mng | GMX | 178782 | 4.70 | -0.56 |
| Southwstrn Res | SWG | 499222 | 13.42 | -0.42 |
| Shore Gold | SGF | 2078853 | 6.50 | -0.40 |
| Denison Mines | DEN | 812135 | 14.90 | -0.39 |
TSX most active issues
| Volume(000s) | High | Low | Close | Change | ||
| Chariot Res | CHD | 60908 | 0.65 | 0.425 | 0.57 | +0.105 |
| Tahera Diam | TAH | 55584 | 0.61 | 0.495 | 0.60 | -0.02 |
| Equinox Minls | EQN | 35083 | 1.92 | 1.50 | 1.90 | +0.38 |
| EuroZinc Mng | EZM | 26308 | 2.64 | 2.28 | 2.59 | +0.16 |
| Bema Gold | BGO | 18571 | 5.62 | 5.19 | 5.62 | +0.18 |
| Yamana Gold | YRI | 18558 | 12.80 | 11.42 | 12.68 | +0.02 |
| Cambior Inc | CBJ | 17943 | 4.53 | 4.20 | 4.47 | +0.19 |
| Eldorado Gold | ELD | 16084 | 5.87 | 5.43 | 5.78 | +0.18 |
| Northgate Mnls | NGX | 15930 | 4.07 | 3.1 6 |
4.04 | +0.88 |
| Pure Gld Mnr | PUG | 12690 | 0.085 | 0.06 | 0.08 | +0.02 |
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