TSX drops during the Nov.14-18 week

The Nov.14-18 trading period saw the S&P/TSX Composite Index shed 384.41 points to 11,892.44. Similarly the Global Gold Index dropped 28.96 points to 401.17 as the price of gold sank US$63.70 per oz. to US$1,724.80. Following the downward trend, the S&P/TSX Capped Diversified Metals & Mining Index plummeted 75.45 points to 1,009.72.

The week’s biggest percentage gainer was Polaris Minerals Corp., jumping 66.6% to 40¢ after reporting its third-quarter financials. The supplier of construction aggregates to coastal city markets in California, Hawaii, and British Columbia, saw higher sales volume and revenue of 484,000 tons and US$6.77 million. However, it still finished in the red, with a net loss of US$3.5 million.

Though coming in second for percentage gain, Jaguar Mining topped the chart for value gains, finishing up $2.18 or 38.1% to $7.89 on 8.3 million shares traded. Reuters reported on Nov. 16 that Shandong Gold Group offered to buy the Brazil-focused gold producer for US$1 billion. That works out to US$9.30 per share in cash, or an astounding 73% premium to Jaguar’s Nov. 15 closing price. If Shandong Gold succeeds, it would mark one of the biggest overseas acquisitions by a Chinese gold miner. In response to the news, Jaguar confirmed that it received several proposals over the past few weeks, noting none of these proposals have gone past the exploratory stage yet.

Mariana Resources advanced 33.3% to 20¢ after announcing that AngloGold Ashanti will buy a 19.9% stake in the company for £5.4 million (US$8.5 million). AngloGold will subscribe to 45 million Mariana shares at 12 pence apiece, representing a lofty 41% premium to Mariana’s Nov. 16 closing price on AIM. Mariana will use the proceeds from the subscription to help develop both its Las Calandrias and Sierra Blanca gold-silver projects in Argentina’s Santa Cruz province.

After announcing it’ll shake up management, NovaGold Resources’ shares gained $1.89 to end at $11.23 per share on 4.5 million shares traded. The company’s founder and current president and CEO, Rick Van Nieuwenhuyse, will step down and take the helm of the company’s newly formed subsidiary, NovaCopper, which owns the Ambler polymetallic project in Alaska. Filling his shoes will be Gregory Lang in January 2012. Most recently, Lang was heading a Barrick Gold subsidiary. NovaGold also appointed a new chairman for its board and a new director.

Currently, the company is exploring opportunities to sell all or part of its 50% share in the Galore Creek copper-gold-silver project in British Columbia. Proceeds from that sale will go towards advancing its Donlin gold project in Alaska.

Rocking the most heavily traded chart was Hathor Exploration, with 41 million shares changing hands as the bidding war for the junior and its uranium assets in Saskatchewan turned up a notch, with Rio Tinto upping Cameco‘s revised offer on Nov. 17. The major has increased its all-cash offer to $4.70-per-share, outdoing Cameco’s modified offer of $4.50 per share. Rio Tinto now values the junior at about $654 million on a fully-diluted basis. Hathor closed up 59¢ to $5.06.