Toronto Stock Exchange Dec. 18-19

The TSX Composite Index rose 2.71 points over the shortened pre-Christmas trading period Dec 18-19, ending at 13,389.82.

The Capped Metals and Mining Index increased 3.99 points to 717.71, while the Global Gold Index inched up 0.7 of a point to 287.84 and the price of gold rose US$9 to US$799.75 per oz.

Constellation Copper was the most active stock with a trading volume of more than 35 million shares. The stock closed up 2 at 9.5, a 28.5% increase — putting the company in the No. 2 position on the percentage change list. Problems at Constellation’s Lisbon Valley copper project in southeastern Utah are forcing the company to shut down the mine in early 2008.

Miramar Mining was the second most active stock over the period, with shares up just 5 at $6.22 apiece on a trading volume of 28.6 million. Newmont Mining received approval for its $1.5-billion acquisition of the Canadian gold explorer during the session. Miramar’s main asset is the Hope Bay project in Nunavut, with a resource of about 9 million oz. gold.

Globex Mining Enterprises shares are recuperating after reaching a 52-week low of $2.52 recently — a 50% drop since early November. The stock was up 19% over the period to $2.68 apiece after Globex CEO Jack Stoch proclaimed that the Quebec-based company was financially stable. Stoch denounced rumours that the company’s management had caused the stock price to fall so they could buy it on the cheap. He says that while the subprime mortgage crisis has had an impact, royalty revenue streams from First Metals’ Fabie Bay copper mine, in Rouyn-Noranda, Que., and Strategic Resource Acquisition Corp.’s Tennessee zinc mine will help out Globex’s pocketbook in the first half of 2008.

Shares of Dynasty Metals & Mining fell 14.4% or $1.24 over the period, to $7.32 apiece. The company has exercised its option to buy half of a 3% net smelter return royalty at its Zaruma gold project. Dynasty will pay the Ecuadorian subsidiary of Iamgold US$1 million for the royalty. Zaruma has a measured and indicated resource of 1.1 million oz. gold at an average grade of 13.93 grams gold per tonne, plus an inferred resource of 1.4 million oz. gold with an average grade of 12.72 grams gold.

Agnico-Eagle Mines was the top gainer for the period, adding $2 to its share price for a $48.40 close. Agnico has revised its currency assumptions in the latest round of guidance for shareholders. The change is expected to increase capital spending by about $200 million above initial estimates, though higher operating costs will offset the higher product price assumptions.

Inspiration Mining shares recovered a little over the session, rising nearly 26% to $2.68. The stock had plunged 39% during the previous period, despite the release of drill results from the company’s Langmuir project, near Timmins, Ont., that included a 7.4-metre intersection grading 0.916% nickel and an 8.4-metre section of 1% nickel.

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