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Guy Quenneville
Monday, January 14, 2008
Sapphires found
True North Gems, a company exploring for coloured gemstones, recently announced its discovery of a new sapphire yield, which it has called the Kikturiaq (Mosquito) occurrence, near the hamlet of Kimmirut, located on the south coast of Baffin Island.
The largest discovery is a near-complete crystal coming in at 139 carats.
True North began exploring the area in 2004, said Greg Davidson, vice-president of explorations.
"We're very encouraged that our exploration expertise continues to yield promising targets," said Davidson.
Gold prices spike
NWT/Nunavut
Gold prices keep on going and going and going ... up, that is.
The precious commodity hit another record high last week, closing at $877 per ounce - besting the all-time peak of $850, attained in 1980.
In the later weeks of 2007, gold had reached as high as $850.
The spike is in line with the predictions of many NWT mining companies, who were not concerned about gold's fluctuations throughout much of the fourth quarter of 2007.
"If you look at gold and where it was two or three years ago, compared to where it is now, it's actually quite ahead of the game," said John Wakeford, vice president of explorations for Miramar Mining Corporation.
Tahera stocks rise
Kinnguak/Bathurst Inlet
Just when they thought they were out, they've been pulled back in.
Tahera Diamond Corporation's stock unexpectedly rose recently by an amazing 30.8 per cent - a surprise given the fact that less than one month ago, it planned to sell some of its shares in an attempt to raise capital funds for its troubled Jericho Mine, located southwest of Bathurst Inlet.
The stock opened at $0.19 a share Jan. 7 and was trading as high as $0.20 throughout the day, up from $0.07 a share two weeks before.
Industry buzz was that a takeover was imminent, but the company put out a release saying that it is "not aware of any corporate developments that would impact the trading of the stock."
New day
Umingmaktuuq
Newmont Mining corporation is one step closer to completing its buyout of Miramar Mining Corporation.
So far Newmont has taken up 92 percent of the common shares of Miramar, at a price of $6.25 cash per share.
The switch comes just as Miramar eyes a production start for its Doris North gold mine, located north of Umingmaktuuq, in the final quarter of this year.
"The buyout is (almost over)," said John Wakeford, vice-president of explorations for Miramar.
Added touch
Hay River
Jamie Therrien, the owner of Final Touch, a hair salon and esthetics provider in Fort Smith, opened a sister location in Hay River two months ago.
"Hay River is close enough to Fort Smith that I can travel continuously between the two," said the multi-tasking Therrien, who also works at the women's correctional centre and has a two-year-old child. Therrien does all the work herself, and will be in the Hay River location for one week per month, as all her services are meant to last one month.
The new store is smaller than its Fort Smith counterpart and solely offers esthetic services such as waxing, laser hair removal, pedicures, manicures, facials and massages.
Steady as she goes
Lli Goline/Norman Wells
Business typically slows after the Christmas rush, but Linda Kerfont Ereaut, owner of Creations, a gift shop in Norman Wells, says business at her store has remained steady since the beginning of the new year.
"NWT diamonds, guitars, fiddles - they're all selling well," she said.
"Business has not slowed down at all, really."