The S&P/TSX Composite Index ended the trading week in positive territory, jumping 316 points to 14,543.82, but the gold and diversified miners didn’t follow the upward trend. The S&P/TSX Global Gold Index dipped 3 points to 159.45, while the S&P/TSX Capped Diversified Metals & Mining Index slipped 2 points to 696.93. The spot price for gold fell US$7.20 per oz. to US$1,231.
First Point Minerals surged 45% to 8¢ after wrapping up its first drilling at the Mich nickel-iron alloy property in the Yukon. The two-hole, 900-metre program tested the central part of the property. First Point says based on visual assessment of the core, the drilling hit a disseminated nickel-iron alloy mineralized zone in ultramafic rocks. Assay results are pending.
Shares in Potash Corp. of Saskatchewan got a boost, despite a slight earnings miss in the third quarter. The fertilizer major reported a third-quarter profit of US38¢ a share, which was within its guidance, but below the US42¢ a share that analysts had expected. PotashCorp said potash demand is recovering, and that it expects global potash shipment to reach record levels this year. The company closed the week up 6%, or $2.14 at $38.14.
Levon Resources, which is advancing its flagship Cordero silver-gold-zinc-lead project in Mexico, remained flat after it reported closing a US$5.4-million private placement on Oct. 21, where it issued 27 million shares at 22¢ apiece to a group of U.S. investors. On the same day, it concluded buying a 9.9% stake, or 35 million shares of Nevada-focused Pershing Gold for US$9.9 million.
Greg Agar, the company’s investor relations manager, said Levon has been looking for investments and liked what it saw at Pershing. “It has a mill on-site ready to go, good drilling results and is surrounded by Newmont, so the puzzle is beginning to be put together,” he wrote in an email.
On Oct. 24, Levon proposed a US$1-million placement, where it will issue 4.4 million shares at 25¢. The junior slipped 3%, or a cent, to close at 28¢.
Kinross Gold fell nearly 8% to $3.02 after the gold miner said it would sell its halted Fruta del Norte gold project in Ecuador to Fortress Minerals for US$240 million. Kinross acquired the asset through its US$1.2-billion acquisition of Aurelian Resources in 2008. In June 2013, after butting heads with the Ecuadorian government, Kinross suspended the project and took a US$720-million writedown.
“The sale closes an unsuccessful chapter for the company and provides for ongoing focus on the looming Tasiast go-forward decision expected in 2015,” Raymond James analyst Phil Russo writes. Kinross received the Tasiast gold mine in Mauritania through its 2010 acquisition of Red Back Mining.
TSX most active issues
| Volume | |||||||
| Company | Symbol | (000s) | High | Low | Close | Change | |
| Teck Res B | TCKB | 21806 | 18.71 | 17.25 | 17.34 | – | 0.32 |
| B2Gold | BTO | 19167 | 2.62 | 2.27 | 2.27 | – | 0.18 |
| Lundin Mng | LUN | 17905 | 5.22 | 4.61 | 5.04 | + | 0.06 |
| First Quantum | FM | 17392 | 19.84 | 17.26 | 18.64 | + | 0.47 |
| Eldorado Gold | ELD | 16959 | 8.96 | 7.71 | 7.72 | – | 0.51 |
| Goldcorp | G | 15947 | 27.5 | 24.7 | 24.72 | – | 0.69 |
| Kinross Gold | K | 15650 | 3.41 | 3.01 | 3.03 | – | 0.02 |
| Yamana Gold | YRI | 15231 | 6.8 | 6.15 | 6.17 | – | 0.26 |
| Lachlan Star | LSA | 14002 | 0.08 | 0.03 | 0.04 | – | 0.03 |
| Barrick Gold | ABX | 13159 | 15.73 | 14.94 | 14.96 | – | 0.35 |
TSX most active issues
| Volume | |||||||
| Company | Symbol | (000s) | High | Low | Close | Change | |
| Foraco Intl | FAR | 52 | 0.38 | 0.27 | 0.36 | + | 54.3 |
| Oban Mng | OBM | 39 | 0.15 | 0.11 | 0.15 | + | 52.6 |
| First Point | FPX | 568 | 0.07 | 0.05 | 0.07 | + | 40 |
| Emed Mining | EMD | 340 | 0.14 | 0.12 | 0.14 | + | 35 |
| Formation Mtls | FCO | 469 | 0.19 | 0.12 | 0.16 | + | 33.3 |
| Levon Res | LVN | 3970 | 0.3 | 0.22 | 0.28 | + | 33.3 |
| Lexam VG Gold | LEX | 226 | 0.11 | 0.09 | 0.11 | + | 31.2 |
| Aureus Mng | AUE | 58 | 0.37 | 0.29 | 0.37 | + | 29.8 |
| Northern Dyn M | NDM | 149 | 0.51 | 0.4 | 0.46 | + | 26 |
| TVI Pacific | TVI | 4165 | 0.03 | 0.02 | 0.03 | + | 25 |
| Petaquilla Mnl | PTQ | 1842 | 0.12 | 0.05 | 0.05 | – | 56.5 |
| Lachlan Star | LSA | 14002 | 0.08 | 0.03 | 0.04 | – | 46.1 |
| Marengo Mng | MRN | 575 | 0.01 | 0.01 | 0.01 | – | 33.3 |
| CaNickel Mng | CML | 13 | 0.27 | 0.21 | 0.21 | – | 31.6 |
| North Am Pall | PDL | 2599 | 0.21 | 0.16 | 0.16 | – | 28.8 |
| Minera IRL | IRL | 2959 | 0.13 | 0.09 | 0.1 | – | 28.5 |
| Stockport Expl | SPT | 394 | 0.06 | 0.04 | 0.04 | – | 27.2 |
| U3O8 Corp | UWE | 2817 | 0.07 | 0.04 | 0.04 | – | 27.2 |
| St Augustine | SAU | 966 | 0.15 | 0.1 | 0.11 | – | 26.6 |
| Ram Power | RPG | 11399 | 0.02 | 0.01 | 0.02 | – | 25 |
TSX greatest value change
| Company | Symbol | Change | Close | Change | |
| Agrium | AGU | 4488873 | 106.51 | + | 2.54 |
| Imperial Metal | III | 511319 | 9.2 | + | 1.39 |
| Cameco Corp | CCO | 8013791 | 18.86 | + | 1.17 |
| Tahoe Res | THO | 1613886 | 23.39 | + | 0.78 |
| Horizns G Bear | HGD | 3592358 | 17.22 | + | 0.74 |
| First Quantum | FM | 17392174 | 18.64 | + | 0.47 |
| Altius Mnrls | ALS | 261134 | 11.11 | + | 0.43 |
| Potash Cp Sask | POT | 12723662 | 37.95 | + | 0.36 |
| Central Fund | CEFA | 218671 | 13.86 | + | 0.34 |
| Royal Cdn Mint | MNT | 80018 | 14.83 | + | 0.29 |
| Agnico-Eagle | AEM | 5238799 | 32.21 | – | 1.33 |
| Franco-Nevada | FNV | 3948581 | 58.5 | – | 1.19 |
| Royal Gold | RGL | 68314 | 72.29 | – | 1.12 |
| Teck Res A | TCKA | 18695 | 18.96 | – | 0.83 |
| Goldcorp | G | 15947078 | 24.72 | – | 0.69 |
| Eldorado Gold | ELD | 16959157 | 7.72 | – | 0.51 |
| Endeavr Silver | EDR | 1231935 | 4.05 | – | 0.47 |
| First Majestic | FR | 3572482 | 7.19 | – | 0.45 |
| Mag Silver | MAG | 1216559 | 7.78 | – | 0.43 |
| Primero Mng | P | 2584929 | 4.71 | – | 0.43 |
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