Toronto Stock Exchange June 19-25

The TSX Composite Index came down 334.56 points over the June 19-25 trading period to 13,841.86, as energy and raw materials producers fell with lower commodities prices.

The price of gold and silver fell as the U.S. dollar strengthened. Gold was down US$5.75 to US$650 an oz., while silver slipped US34 to US$12.96 per lb. The drop set the Global Gold Index back 8.53 points to 269.82.

The Capped Metals and Mining Index also took a hit, falling 32.61 points to 826.59 as copper, aluminum, nickel, tin and zinc prices all lost ground. Only lead made gains as it finished the period at a record US$1.17 per lb. The rise was attributed to falling inventories at the London Metals Exchange, which fed worries over short-term supply.

Overall, falling prices hit big miners like Teck Cominco, which was off $2.66 to $46.63; Inmet Mining, down $2.23 to $83.25; FNX Mining, down $2.84 to $31.85; and First Quantum, down $3.05 to $93.50.

Breakwater Resources was the period’s most popular miner on news that it had increased proven and probable reserves by 50% at El Toqui in Chile. The company also said it will launch a prefeasibility study for a 1-million-tonne-per-year mill at the site. Reserves at the project now stand at 4.3 million tonnes grading 7.3% zinc and 1.1 grams gold per tonne. Breakwater saw nearly 33 million shares traded and was up 8 to $2.93.

Areva’s proposed takeover of UraMin kept the South-African based uranium exploration company near the top of the most-active list. UraMin shares were down 23 to $8.40 for the period, moving closer to Areva’s $8.28-per-share offer. UraMin has three projects in sub-Saharan Africa that are slated to be in production by 2009.

A big gold and silver-rich interval gave Andean Resources the biggest gain by percentage for the period. The Australian-based company reported an intersect of 52 metres grading 25.3 grams gold and 379 grams silver from its Eureka prospect at its Cerro Negro project, in southern Argentina. The company’s stock shot up 62% to $1.05.

Zaruma Resources was the next biggest gainer, moving up 52% to 19 after announcing that Swiss-based Glencore International agreed to provide US$22 million in debt financing for capital costs at Zaruma’s Luz del Cobre project, in Mexico. In turn, Glencore gets 100% of all metal production from the property. Luz del Cobre has an estimated reserve of 4.4 million tonnes of ore with an average grade of 1% copper. Zaruma estimates capital costs of US$25 million over the 12- to 15-month construction period.

Rounding out the top three was Dynacor. The Montreal-based miner was up 41% to 82 on no news. Back in early May, it announced the opening of its Pasto Bueno tungsten mine, 830 km north of Lima, Peru. It also operates the Acari gold mine in the South American country.

TSX greatest percentage change

		VOLUME(000s)	HIGH	LOW	CLOSE		CHANGE
Andean Res	AND	1031	1.40	0.67	1.05	+	61.5
Zaruma Res	ZMR	24223	0.225	0.115	0.19	+	52.0
Dynacor Mns	DYN	1887	0.85	0.58	0.82	+	41.3
Timminco	TIM	14794	6.24	4.01	5.51	+	32.7
Duluth Metals	DM	1049	2.30	1.67	2.30	+	31.4
Sterlite Gold	SGD	23	0.19	0.16	0.18	+	28.5
Grandview Gld	GVX	175	0.57	0.43	0.52	+	28.4
Starfield Res	SRU	12349	1.50	1.16	1.50	+	27.1
Sulliden Expl	SUE	1619	0.67	0.50	0.60	+	20.0
Altius Mnrls	ALS	981	19.00	15.15	18.50	+	19.6
Coalcorp wt	CCJ_T	12	1.45	1.25	1.30	–	36.5
Ascendant C wt	ACX_T	57	0.06	0.05	0.05	–	23.0
Kinross Gld wt	K_T	81	0.69	0.53	0.53	–	22.0
Carlisle Goldf	CGJ	312	0.245	0.21	0.215	–	18.8
New Gold wt	NGD_T	27	0.26	0.20	0.26	–	18.7
Glencairn G wt	GGG_T	284	0.12	0.10	0.10	–	16.6
Intl Royalty	IRC	680	7.55	6.43	6.47	–	13.7
Armistice Res	AZ	67	0.93	0.84	0.84	–	13.4
Aquila Res	AQA	352	1.70	1.46	1.46	–	13.1
GLR Res	GRS	167	0.55	0.48	0.48	–	12.7

TSX greatest value change

		VOLUME	CLOSE		CHANGE
Altius Mnrls	ALS	980767	18.50	+	3.04
Major Drilling	MDI	1361470	45.05	+	2.78
Fording C C T	FDG_U	1945862	34.22	+	1.42
Timminco	TIM	14794347	5.51	+	1.36
Laramide Res	LAM	2262084	10.60	+	1.03
Mountain Prov	MPV	384323	5.49	+	0.64
Duluth Metals	DM	1048668	2.30	+	0.55
Polaris Minls	PLS	506482	12.99	+	0.53
Russell Metals	RUS	1192708	31.42	+	0.42
Andean Res	AND	1031192	1.05	+	0.40
First Quantum	FM	1983521	93.50	–	5.87
Cameco Corp	CCO	5521339	55.08	–	3.05
FNX Mining	FNX	5733059	31.85	–	2.84
Teck Comin B	TCKB	10624813	46.63	–	2.66
Inmet Mining	IMN	1198771	83.25	–	2.23
HudBay Minls	HBM	6330544	22.90	–	2.15
Silver Std Res	SSO	321553	37.58	–	1.94
Agnico-Eagle	AEM	2890127	37.61	–	1.86
Alcan	AL	4991941	87.66	–	1.84
Potash Cp Sask	POT	4543157	83.18	–	1.80

TSX most active issues

		VOLUME(000s)	HIGH	LOW	CLOSE		CHANGE
Breakwater Res	BWR	32990	2.93	2.68	2.93	+	0.08
UraMin	UMN	32470	8.58	8.30	8.40	–	0.23
Eastern Platin	ELR	26547	2.50	2.21	2.21	–	0.25
Zaruma Res	ZMR	24223	0.225	0.115	0.19	+	0.065
LionOre Mng In	LIM	23641	27.31	27.15	27.21		0.00
Equinox Minls	EQN	19574	3.54	3.18	3.28	–	0.27
South Am Gld&C	SAG	17810	0.045	0.035	0.045	+	0.005
Kinross Gold	K	17568	14.17	13.11	13.15	–	0.96
Uranium One	SXR	15392	15.17	13.89	14.00	–	0.96
Timminco	TIM	14794	6.24	4.01	5.51	+	1.36