News

June 14, 2009

That Was The Week That Was … In Canada

By Our Canadian Correspondent

Minews. Now over to our Canadian Correspondent for a look at how the Canadian markets performed this past week.

CC. The gold miners continued to face a wee bit of selling pressure, but the junior gold explorers are getting all kinds of buy side interest. Once all the trading was done this past week, the TSX Ventures Exchange, home to more junior exploration companies than anywhere else in the world, had rallied by 1.49 per cent, while the TSX Gold Index had plunged 4.9 per cent.

Aura Minerals went shopping and elected to buy three of Yamana Gold’s non-core operating mines. The price tag is US$90 million in cash, US$70 million in deferred cash payments and US$40 million in Aura stock. The first part of the sale includes the San Andres mine in Honduras and that nets Yamana US$74 million. The second part, which is expected to close by year-end, is the sale of the Sao Francisco and Sao Vicente mines in Brazil. Yamana ended the week down C$1.30 at C$10.60, while Aura closed...