Toronto’s gold stocks put in an impressive rally, gaining 10.07 points or nearly 7% to end at 157.56 on Friday. The diversified miners chipped in with a 3.38-point, or 2.8% of value, gain to 123.94 points. Overall, the S&P/TSX Composite Index ended 26.04 points higher at 6,379.48.
McWatters Mining finished at the head of the mining class dropping a penny to 20.5 on nearly 4.8 million shares. McWatters plans to sell 125 million shares for gross proceeds of $25 million. Under a previous deal that saw McWatters acquire the East Malartic mill, and surrounding properties, Barrick Gold will subscribe for 29 million shares. For its part, Barrick was $1.33 higher at $22.73.Wheaton River Minerals was right behind adding 3 to hit $1.20 on about 4.5 million shares. McWatters Mining was right behind dropping 1.5 to $20 on more than 4 million shares. McWatters plans to sell 125 million shares for gross proceeds of $25 million. Under a previous deal that saw McWatters acquire the East Malartic mill, and surrounding properties, Barrick Gold will subscribe for 29 million shares. For its part, Barrick finished $1.31 higher at $22.71.
Canada’s remaining major gold producer followed suit: Placer Dome gained 73 to make $14.13; and Kinross Gold climbed 64 to $8.64.
Most of Canada’s smaller gold miners performed as well. Among them was Miramar Mining, which put in a 11 or 8.7% gain to $1.38. On Friday, Miramar posted net earnings of $600,000 (or a penny per share) for all of 2002. That compares with a loss of $5.9 million (10 per share) in 2001. Higher gold prices and lower operating costs offset lower production.
Inco was far and away the busiest base metal miner, climbing $1.25 to reach $27.60. On Friday, the nickel miner said it would redeem all of its issued and outstanding 5.5% convertible redeemable preferred shares series E effective May 1, 2003. The company also plans to redeem its entire outstanding US $172.5-million principal amount of 5.75% convertible debentures due 2004 at the same time.
Most of the remaining base metal miners made decent gains. One exception was Boliden, which shed a quarter or more than 9% to $2.50 on no immediate news.
Canada’s junior ended the week on an up tick with advancing stocks beat declining stocks 305 to 248. The S&P-TSX Venture Exchange composite index added 7.19 points, or 0.69%, and closed at 1,051.29 with 34 million shares traded.
Spider Resources was the day’s volume leader with 1.77 million shares traded. The junior and joint venture partner, over the counter-listed, KWG Resources have launched a 1,000 metre diamond drilling program on their Spider #3 base metal prospect in the James Bay Lowlands of Northern Ontario. Spider closed up 1 to 14.
JNR Resources closed flat at 5 with 474,000 shares traded. The company announced a non-brokered private placement totalling $100,000. The company hopes to commence a 15-hole drill program on the Moore Lake uranium property in northern Saskatchewan.
Poplar Resources remained flat at 6 with 396,000 shares traded. The company has diamond projects in Finland, Sweden, Quebec and Ontario. In addition, the company holds the Bottenbacken polymetallic project in Sweden.