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TABLE OF CONTENTS Feb 3 - 9, 2014 Volume 99 Number 51 - 0 comments

Toronto Stock Exchange, Jan. 20-24

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2014-01-29

Disappointing manufacturing data in China, battered currencies in many emerging markets and renewed anxiety over the U.S. Federal Reserve’s plan to taper its bond purchases slammed many North American equities. The S&P/TSX Composite Index dropped 1.23% to 13,717.76, while the S&P/TSX Capped Diversified Metals & Mining Index fell 4.22% to 820.07. As many investors cut their positions in risky assets and turned to safe havens like gold, the precious metal ended the week higher at US$1,269 per oz., a US$14.90 gain. The S&P/TSX Global Gold Index rose 2.63% to 182.48.

 

The flight to safety buoyed many of the gold-focused companies listed on the Toronto Stock Exchange, including Franco-Nevada, which jumped $2.01 to $51.91 per share, Royal Gold, which climbed $1.59 to $61.74 and Agnico Eagle Mines, which advanced $1.32 to $34.17. None of the three companies issued any news.

 

Osisko Mining was the most actively traded stock, with 28.5 million shares changing hands. The company’s shares ended the week up 9¢ at $6.56. The gold producer said in a press release on Jan. 20 that the cash-and-share offer it had received from Goldcorp failed to recognize the value of its Malartic gold mine in Quebec, and called the offer’s timing opportunistic. Goldcorp is offering 0.146 of a share plus $2.26 in cash for each Osisko share held, for a total value of $5.95 per share. Shares of Goldcorp, meanwhile, rose 75¢ to $26.60.

 

Barrick Gold’s shares dropped 51¢ to $21.05. CEO Jamie Sokalsky, speaking mid-week at a CIBC Institutional Investor conference in Whistler, B.C., said the company plans to take another impairment charge on its Pascua-Lama mine. He noted management intends to cut Barrick’s gold reserves and the company will produce less gold this year than last. Details will be provided when the company tables its year-end results. The trading week also saw Barrick agree to sell its interest in the Kanowna Belle and Kundana mine operations in Western Australia to Northern Star Resources for US$66 million. The mines produced 225,000 oz. gold last year.

 

B2Gold shares fell 4¢ to $2.67. The company announced record gold revenue in 2013 of $544.3 million, an increase of $285.2 million over 2012, and attributable gold production of 366,313 oz., an increase of 132% year-on-year. In addition, an inferred resource estimate completed for the recently discovered Wolfshag zone at its Otjikoto project in Namibia outlined 6.8 million tonnes grading 3.2 grams gold per tonne for 703,000 contained oz. gold. Wolfshag is adjacent to the Otjikoto deposit, where production from an open pit is expected to start in the fourth quarter.

TSX most active issues

    Volume Week
    (000s) High Low Close Change
Osisko Mng OSK 28481 6.7 6.35 6.56 + 0.09
Torex Gold TXG 18474 1.37 1.11 1.14 - 0.19
PMI Gold PMV 18243 0.4 0.35 0.37 - 0.01
B2Gold BTO 17395 2.76 2.55 2.67 - 0.04
Teranga Gold TGZ 17139 0.78 0.66 0.73 + 0.04
Baja Mng BAJ 17003 0.05 0.01 0.05 + 0.04
Barrick Gold ABX 15656 22.12 20.42 21.05 - 0.51
Kinross Gold K 15246 5.33 5.05 5.15 - 0.15
Goldcorp G 14856 27.22 25.1 26.6 + 0.75
First Quantum FM 14621 21.07 19.14 19.82 - 0.57

TSX greatest percentage change

    Volume Week
    (000s) High Low Close Change
Baja Mng BAJ 17003 0.05 0.01 0.05 + 233.3
Minco Gold MMM 444 0.42 0.25 0.42 + 78.7
Inspiration Mg ISM 358 0.11 0.08 0.1 + 42.8
Cerro Grande M CEG 53 0.04 0.03 0.04 + 40
South Am Silvr SAC 799 0.4 0.27 0.36 + 33.9
Chieftain Mtls CFB 497 0.32 0.23 0.28 + 33.3
Bannerman Res BAN 691 0.09 0.06 0.08 + 25
Formation Mtls FCO 368 0.13 0.11 0.13 + 23.8
Xinergy XRG 659 0.3 0.2 0.3 + 22.4
Gabriel Res GBU 1645 1.23 0.96 1.2 + 22.4
American Bonan BZA 4629 0.04 0.02 0.02 - 33.3
Macarthur Mnl MMS 270 0.26 0.19 0.2 - 31
Stockport Expl SPT 15 0.05 0.05 0.05 - 23
Carpathian Gld CPN 11219 0.1 0.06 0.07 - 22.2
Walter Energy WLT 72 15.19 12.46 12.53 - 18.1
Hard Creek Ni HNC 160 0.06 0.05 0.05 - 18.1
Verde Potash NPK 481 0.95 0.66 0.74 - 17.7
Vena Res VEM 562 0.09 0.07 0.08 - 16.6
Besra Gold BEZ 1310 0.06 0.05 0.05 - 16.6
Claude Res CRJ 1954 0.24 0.2 0.2 - 16.6

TSX greatest value change

    Week
    Change Close Change
Franco-Nevada FNV 2364690 51.91 + 2.01
Royal Gold RGL 41214 61.74 + 1.59
Agnico-Eagle AEM 6427349 34.17 + 1.32
Goldcorp G 14856476 26.6 + 0.75
Energy Fuels EFR 995361 8.39 + 0.7
Virginia Mines VGQ 91983 13.51 + 0.52
Royal Cdn Mint MNT 54519 15.14 + 0.42
North Am En Pa NOA 28800 6.55 + 0.41
Pretium Res PVG 1824332 7.06 + 0.32
Horizns G Bull HGU 3801285 9.13 + 0.24
Agrium AGU 2152811 98.78 - 5.59
Walter Energy WLT 72363 12.53 - 2.78
Teck Res B TCKB 7985107 26.61 - 2.49
Potash Cp Sask POT 11626599 35.19 - 2.31
Alamos Gold AGI 3284708 10 - 1.31
Russell Metals RUS 668766 28.92 - 1.16
Labdr I-Ore Ro LIF 411771 32.72 - 1.06
Argonaut Gold AR 5564891 4.94 - 0.89
Altius Mnrls ALS 140154 15.09 - 0.8
HudBay Minls HBM 2990188 8.93 - 0.77





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