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TABLE OF CONTENTS Aug 11 - 17, 2014 Volume 100 Number 26 - 0 comments

TSX declines, July 28-Aug.1

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2014-08-06

Canada’s main stock index tumbled during the trading week, posting its biggest drop since early May.

Investors worried that the U.S. Federal Reserve would hike up interest rates following signs of economic growth, despite a recent U.S. jobs report showing the unemployment rate edged up 0.1 of a point to 6.2% in July. 

Global markets also took a hit as Argentina again defaulted on its debt, and war in Ukraine and the Middle East continued.

The spot price for gold tumbled US$14.10 per oz. to US$1,294.20, while the S&P/TSX Global Gold Index gave back 2 points to close at 198.52. The diversified miners followed suit, with the S&P/TSX Capped Diversified Metals & Mining Index dropping nearly 5 points to 919.27.

Harte Gold jumped nearly 35% to 33¢ after raising gross proceeds of $750,000 in a non-brokered private placement, where it issued 3.33 million units for 22.5¢ apiece. Each unit consists of one share and a half warrant, with a full warrant exercisable at 30¢ within 18 months of closing. Harte Gold will use the proceeds to fund current exploration as well as development work on its 100% owned Sugar Zone high-grade gold property in Ontario. Sugar Zone sits 60 km east of the Hemlo gold camp.

Junior developer Seabridge Gold was the week’s value winner, adding $1.22 per share to $10.19. The boost came after the B.C. government has given the company’s KSM gold–copper project an environmental approval, after more than six years of environmental and economic studies. Seabridge expects to receive a federal approval for its flagship project in the coming months. 

Senior gold miner Agnico Eagle Mines was the biggest value loser, dropping $4.08 a share to $41.15, despite reporting decent second-quarter results. Its adjusted second-quarter profit was US28¢ per share, in-line with analysts’ expectations. Agnico produced 45% more gold at significantly lower cash costs compared to a year ago. Second-quarter production was 326,059 oz. gold at total cash costs of US$626 per oz.

Yamana Gold was the most actively traded stock after revealing its adjusted second-quarter earnings of US5¢ per share beat analysts’ average estimates of US3¢ per share, but came in below the US7¢ per share earned in the same period last year. The decline in profit resulted from lower realized metals prices and higher costs of sales. Quarterly production was 331,765 equivalent oz. gold, up 12% from the year ago period. By-product cash costs also grew 10% over the same period to US$523 per equivalent oz. gold, partially due to lower by-product revenues. Yamana advanced 48¢ to end the week at $9.47, on 21.8 million shares traded.

TSX most active issues


    Volume  
Company Symbol (000s) High Low Close Change
Yamana Gold YRI 21847 9.63 8.91 9.47 + 0.48
B2Gold BTO 12793 3.02 2.81 2.88 - 0.13
Mercator Mnls ML 12621 0.06 0.05 0.06 + 0.01
Teck Res B TCKB 11059 26.98 25.39 25.99 + 0.63
First Quantum FM 10424 27.29 24.96 25.06 - 1.13
Eldorado Gold ELD 10390 8.73 8.06 8.65 + 0.24
Lundin Mng LUN 10381 6.56 6.19 6.42 + 0.12
Barrick Gold ABX 9467 20.31 19.66 19.89 - 0.31
Goldcorp G 8018 30.91 29.86 30.28 - 0.23
Torex Gold TXG 7661 1.56 1.48 1.51 - 0.02

TSX greatest percentage change


    Volume  
Company Symbol (000s) High Low Close Change
Harte Gold HRT 5862 0.34 0.24 0.33 + 34.6
Emed Mining EMD 160 0.16 0.13 0.16 + 29.1
MDN Inc MDN 875 0.09 0.06 0.08 + 25
Eco Oro Mnls EOM 536 0.3 0.24 0.3 + 25
Black Iron BKI 1192 0.13 0.1 0.13 + 25
Western Lithiu WLC 6566 0.7 0.54 0.7 + 25
Mercator Mnls ML 12621 0.06 0.05 0.06 + 22.2
Northcliff Res NCF 789 0.26 0.21 0.25 + 16.6
U3O8 Corp UWE 874 0.11 0.1 0.11 + 16.6
Balmoral Res BAR 1981 1.85 1.58 1.84 + 16.4
Liberty Silver LSL 30 0.08 0.06 0.06 - 54.1
Troy Res TRY 149 1.19 0.8 0.81 - 30.1
Polar Star Mng PSR 53 0.07 0.06 0.06 - 26.6
Zincore Mtls ZNC 64 0.18 0.13 0.13 - 25.7
TVI Pacific TVI 441 0.02 0.02 0.02 - 25
Rio Novo Gold RN 21 0.11 0.09 0.09 - 21.7
Ram Power RPG 4497 0.03 0.02 0.02 - 20
First Point FPX 350 0.16 0.12 0.13 - 18.7
Renaissance Gd REN 118 0.54 0.39 0.46 - 17.2
Banro BAA 4214 0.3 0.23 0.25 - 16.6

TSX greatest value change


Company Symbol Change Close Change
Seabridge Gold SEA 408704 10.19 + 1.22
Teck Res B TCKB 11058994 25.99 + 0.63
Yamana Gold YRI 21847479 9.47 + 0.48
Kirkland Lk Gd KGI 2820746 4.04 + 0.39
Alamos Gold AGI 1783869 10.46 + 0.36
First Majestic FR 1384442 11.62 + 0.27
Horizns G Bear HGD 2346212 11.56 + 0.26
Balmoral Res BAR 1980577 1.84 + 0.26
Uranium Partic U 2062137 5.18 + 0.25
Eldorado Gold ELD 10390180 8.65 + 0.24
Agnico-Eagle AEM 6187118 41.15 - 4.08
Cameco Corp CCO 7518225 21.13 - 1.44
Potash Cp Sask POT 5895250 38.23 - 1.19
First Quantum FM 10424029 25.06 - 1.13
Royal Gold RGL 31513 83.25 - 1.05
Agrium AGU 2066311 98.97 - 0.64
Centerra Gold CG 2989417 5.83 - 0.48
Franco-Nevada FNV 1408875 61.94 - 0.46
Russell Metals RUS 395504 34.94 - 0.42
Dominion Diam DDC 272236 15.22 - 0.41


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Related News
Agnico touts 'exciting' exploration work at Amaruq
Agnico has room to grow in Quebec
Juniors optimistic at the Precious Metals Summit
Related Press Releases
Yamana Provides Notice of Third Quarter 2014 Financial Results Release
Agnico Eagle's Amaruq project (formerly "IVR") near Meadowbank yields intersections up to 6.1 g/t Au over 56 metres at depth
Harte Gold Reports More High Grade Results at Wolf Zone, 17.8g/t Gold Over 3.1 Meters Extends Wolf Zone & Identifies Parallel Mineralized Sulphide Zones
 



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