Despite a nice rebound in metal prices, the holiday-shortened trading week was rather uneventful. It could be the calm before the storm, though, as the highly-anticipated field season is just getting underway in Canada’s Yukon Territory. Once all the trading was done, the TSX Ventures Exchange, home to more junior exploration companies than anywhere else in the world, had added 3.41per cent, while the TSX Gold Index had rallied 3.79 per cent.

Even so, it was a rough week for shareholders of Lundin Mining. The base metal miner has failed to find a suitable buyer for any or all of its assets. So for now it will be status quo for the company. That had those hopeful for corporate activity heading for the exits and Lundin ended the week down C$1.68 at C$7.16.

But talking of corporate activity, I see the Zambian Competition and Consumer Protection Commission has given the green light to Barrick Gold's acquisition of Equinox Minerals.

Yep, the one time suitor of Lundin is about to become part of the world’s largest gold miner. Go figure. Barrick has made suitably deferential noises as regards the CCPC’s ruling, and all-in-all now looks well positioned to close the deal. Barrick added C$1.98 on the week to close at C$46.36.

Meanwhile, shares of Capstone Mining managed to add C$0.08 to close at C$3.48 after the company reported first quarter earnings amounting to US$18.9 million or US$0.08 per share. Copper sales rang in at 22.8 million pounds, and cash costs were US$1.59 per pound. For the year, Capstone expects to produce between 80 million and 85 million pounds of copper from its Yukon and Mexican operations.

Ahead of presidential elections due on June 5th, Bear Creek Mining got some bad news from Peru. The Peruvian government has issued a decree setting up a 180-day multi-sectorial commission composed of ministers and elected local officials to assess all mining activities within the provinces of Yunguyo and Chucuito. The move is in response to two weeks of strikes in the region. Bear Creek’s Santa Ana project is located within the Chucuito province, and Bear Creek ended the week down C$0.75 at C$6.98.

And speaking of strikes, Eastern Platinum added C$0.07 to close at C$1.03 after the company announced that the strike at its Crocodile River mine in South Africa was over.

Any exploration news?

Trelawney Mining and Exploration tagged 117 metres of 1.05 grams gold per tonne from its Chester project in northern Ontario. Trelawney ended the week up C$0.33 at C$4.28. Not to be outdone, Kimber Resources hit 51.9 grams gold per tonne and 1,076.7 grams silver per tonne over 5.2 metres on the Carmen deposit on its Monterde project in Mexico. Kimber closed out the week at C$1.64 for a C$0.39 gain.

Elsewhere, shares of Claude Resources added C$0.07 to close at C$2.19 after the company reported a 3.2 metre intercept grading 84.66 grams gold per tonne on the Neptune target on its Seabee project in Saskatchewan. And Canaco Resources continued to deliver the goodies at its Hendeni gold project in Tanzania. The latest results included 23.96 grams gold per tonne over 17 metres. Canaco ended the week up C$0.59 at C$4.43.

Meanwhile, no news was good news for plenty of Yukon-focussed investors. Shares of Kaminak Gold were on the move as the Yukon gold explorer gears up for a major drill program on its Coffee project. Kaminak ended the week up C$0.49 at C$3.74. Another major Yukon player to watch this summer is Atac Resources and its Carlin type targets. Atac ended the week up C$0.19 at C$6.60. Meanwhile, Rockhaven Resources has also jumped to life as it makes its own plans in the Yukon. The junior, which closed at C$1.43 for a C$0.23 gain, is about to resume drilling on its Klaza gold-silver property.

Memorial Day weekend in the United States on Monday means that trading on the Canadian side of the border will be lighter than usual as the week kicks off. It has been abnormally quiet on the acquisition front but we know from past experience how fast that can change. We will see what next week has in store.


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