The S&P/TSX Venture Composite Index fell for a second week during the trading period despite a slight uptick in commodity futures, as it lost 1.1%, or 7.71 points, before closing at 682.14 points.
The International Monetary Fund announced that it would send its negotiators home from bailout talks with Greek officials, saying Greece was “unrealistic in its demands.” Meanwhile, strong U.S. retail sales data bolstered evidence of economic recovery for Canada’s largest trading partner.
August contracts for gold bullion jumped 8.5 points before finishing at US$1,179.20 per oz. August contracts for West Texas Intermediate crude oil gained 2.8%, or US$1.68, en route to a US$60.40-per-barrel close, while July contracts for copper dropped US2.2¢ before finishing at US$2.68 per lb.
Eagle Hill Exploration led the value-added category after announcing it was part of a five-company merger. The company gained 166%, or 50¢, on 1.8 million shares traded before closing at 80¢ per share.
Eagle Hill’s flagship asset is the Windfall Lake gold property in the Abitibi belt of northern Quebec. The company released a preliminary economic assessment on the project in early June modelling a US$241-million mine that would produce 106,200 oz. gold annually at total cash costs of $558 per oz.
North Arrow Minerals topped the volume-lost column after releasing diamond valuation results from its Qilalugaq project, 9 km north of Repulse Bay, Nunavut. The company dropped 55¢ on 1.8 million shares traded, before finishing at 48¢ per share.
On June 9 North Arrow reported results from a valuation exercise on a diamond parcel at Qilalugaq. The parcel of 383.55 carats of diamonds was valued at $13,795, or $36 per carat.
The company said that the valuation was challenged by “the presence of two distinct diamond populations, including a population of rare ‘Type Ib’ yellows diamonds.” it was apparently unheard of to have two diamond populations within a single deposit before the sampling program.
Pacific Booker Minerals registered large gains after signs of permitting movement at its Morrison copper-gold project, 65 km northeast of Smithers, B.C. The company jumped 44¢ before closing at $5.19 per share.
On June 10 Pacific Booker revealed that the B.C. Minister of Environment, Mary Polak, had lifted Morrison’s suspended environmental assessment, which should conclude in early July. Afterwards the company announced a non-brokered private placement of 100,000 shares at $5 each.
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