News

August 23, 2008

That Was The Week That Was … In Canada

By Our Canadian Correspondent

Minews. Now over to our Canadian Correspondent to see how the Canadian Markets performed over the past week.

CC. After facing a barrage of selling for most of the summer, the broader resource stocks managed to rally over the past week, as political tensions between Russia and the United States and more talk that another big bank is set to collapse helped propel the price of bullion higher. Once all the trading was done, the TSX Ventures Exchange, home to more junior exploration companies than anywhere else in the world, managed to post a 0.77 per cent gain, while the TSX Gold Index surged 6.6 per cent.

It was a good week for shareholders in Adriana Resources after the company inked a deal with ArcelorMittal outlining the principal terms for the development of an iron ore port facility in Brazil. ArcelorMittal will acquire 80 per cent of the port for about US$40.5 million, with Adriana holding the remaining 20 per cent. ArcelorMittal also agreed to acquire up to 19.9 per cent of Adriana through a placing worth up to C$25 million. Adriana rose C$0.18 to C$0.90.

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