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DAILY NEWS Jul 2, 2014 2:38 PM - 0 comments

US stocks drop, June 23-27

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U.S. equities had a lacklustre trading week. The Dow Jones Industrial Average fell 95 points from the week before to 16,851.84, while the broader S&P 500 Index slipped nearly 2 points to 1,960.96. Bucking the downward trend was the tech-heavy Nasdaq Composite Index, advancing 30 points to 4,397.93. However, the spot gold price dipped US40¢ to US$1, 315.10 per oz.

Taseko Mines was one of the week’s top percentage gainers, rising 11% to US$2.47. The company’s CEO Russell Hallbauer said in a statement that the June 26 Supreme Court of Canada land-claims ruling, which grants the Tsilhqot’in First Nation title to 1,750 sq. km of territory in central B.C., confirms that the company’s proposed New Prosperity mine “is located in an area where aboriginal title does not exist. As such, New Prosperity is the only proposed mine in B.C. that people know for sure is not in an area of aboriginal title.”

NovaCopper jumped 10% to US$1.08, ahead of a US$7.5-million private placement announced on July 1. NovaCopper will offer US$7.5 million in units priced at US$1.15 apiece to its existing shareholders, including its largest stakeholders, Electrum Strategic Resources LP and Paulson & Co. Each unit consists of one share and one warrant. A warrant holder could buy one share for US$1.60 within five years after the financing closes. The net proceeds will go towards general expenses and program expenditures. NovaCopper intends to re-log and re-assay the historical drill holes at its Bornite copper project in Alaska before the fourth quarter.

Rubicon Minerals received a boost after reporting initial results from its 38,000-metre infill program on the F2 deposit at its Phoenix gold project in Ontario. Notable assays include 14.19 grams gold per tonne over 6.8 metres and 10.52 grams gold over 8 metres.

Compass Minerals International was one of the top value winners, up US$2.60 per share to US$95.37. The firm closed a US$250-million private placement of senior notes due 2024 bearing a 4.875% interest rate. The net proceeds will fund the conditional notice of redemption issued to note holders on May 23, 2014, to buy any of company’s outstanding US$100 million in 8% senior notes due in 2019, and for general corporate purposes.

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