The S&P/TSX Venture Composite Index finished in the green for the first time in nearly a month during the trading period, as it rose 2.74 points en route to a 934.89-point close. Markets were bolstered late in the week by rising metal futures and positive economic news from Statistics Canada, which reported that the Canadian gross domestic product had expanded by 0.7% during the third quarter.
February contracts for gold bullion overcame early struggles to close out the trading period, up US$10.25 at US$1,250.80 per oz. Copper also rallied late in the week, with March contracts for the red metal moving up US1.8¢ before closing at US$3.20 per lb. Crude oil futures struggled due to perceived oversupply conditions in the U.S., with January contracts for West Texas Intermediate dropping 2.2%, or US$2.05, en route to a US$92.78-per-barrel weekly close.
Indonesia-focused explorer Barisan Gold announced it was unaware of any changes after an inquiry from the Investment Industry Regulatory Organization of Canada, fuelled by a notable uptick in the company’s market activity. Barisan was trading well above its typical volumes during the week, as the company jumped 14¢ on 4.7 million shares traded before closing at 35¢ per share.
In early November Barisan released results from its Upper Tengkereng prospect located in the province of Aceh, Indonesia. Assays were highlighted by hole 3, which cut 262 metres grading 0.81 gram gold per tonne and 0.49% copper. The company is completing hole 4, which is being drilled from the same platform as hole 3, and is designed to test the centre of a surface-identified diorite intrusive.
Finland-focused miner Belvedere Resources is suffering with the shutdown of its Hitura nickel operation, 450 km north of Helsinki. The company placed Hitura on care and maintenance in June after concluding that production from its 550- to 620-metre levels was not economic at current nickel prices.
Belvedere led the Venture in trading volume during the week, with 9.7 million of the company’s shares trading hands, as it declined to a 52-week low of 1¢ per share. On Nov. 29 Belvedere released its financial and operating results for the third quarter, which were highlighted by a net loss of $5.9 million. The company recently completed a preliminary economic assessment on its Kopsa gold–copper deposit, which it intends to process via a modified mill at Hitura.
© 1915 - 2014 The Northern Miner. All Rights Reserved.