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Tuesday's most followed in Canada including Teck, Ainsworth, Endeavour Silver, Midway, Black Iron, Talisman, Aecon, MTS, Simba Energy, Canamex Resources, True Gold, Avrupa

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Toronto's main market advanced for a third session on Tuesday, led by banks and gold producers, as rising tensions between Ukraine and Russia boosted demand for the precious metal as a safe haven.

In corporate activity, Teck Resources Ltd. (TSE:TCK.B), Canada’s largest diversified mining company by market value, dropped 1.8 percent to C$25.35 after analysts at Goldman Sachs & Co. cut their rating for the stock.

Ainsworth Lumber Co. (TSE:ANS) gained 1.2 percent to C$2.53 after posting a second-quarter profit of 5 Canadian cents a share, up from 1 Canadian cent, while sales dipped to C$117 million from C$128 million due to lower pricing.

Endeavour Silver Corp. (NYSE:EXK)(TSE:EDR), which operates three underground silver-gold mines in Mexico, reported its second quarter net loss was slightly lower compared with a year earlier while revenues decreased, as cost-cutting initiatives began to gain traction. All-in sustaining costs, an industry-wide adjusted measure, improved by 24 percent year-over-year to $20.48 per payable ounce of silver, net of gold credits, due in part to lower exploration and mine development expenses.

Midway Gold's (TSE:MDW) (NYSE-MKT:MDW) shares rallied more than 4 percent to C$1.01 on Tuesday after the company increased resources at its Spring Valley joint venture project in Nevada, while also announcing a budget increase for the year. 

Shares of Black Iron (TSE:BKI) rose more than 10 percent early Tuesday after the company said its Shymanivske iron ore project in Ukraine has been awarded a mining allotment by the government. The Toronto, Ontario-based mining company said the allotment certificate is a major permitting milestone, which leads to the next step of construction approval. 

In the energy sector, the main index's second most heavily weighted group, Talisman Energy (TSE:TLM), Canada's No. 5 independent oil and gas producer, edged up after reportedly saying it still plans to sell all or a portion of its exploration properties in Iraq's Kurdistan region despite the fighting in the area.

Legacy Oil + Gas Inc. (TSE:LEG), which operates in the U.S. and Canada, fell 2.6 percent to C$7.94 even as it returned to quarterly profit and sales increased 23 percent.

In other stocks, Aecon Group Inc. (TSE:ARE) skidded 2.1 percent to C$16.26 after swinging to a second-quarter loss of 26 Canadian cents a share from a profit of 11 Canadian cents a year earlier, while revenue fell 15 percent to C$590 million.

Manitoba Telecom Services Inc. (TSE:MBT), a phone company based in Winnipeg, added 0.6 percent to C$30.77 after saying its longtime chief executive, Pierre Blouin, will retire later this year. 

Cascades Inc. (TSE:CAS), a packaging company, reported a second-quarter loss due to charges related to its exit from the kraft paper business and a European mill closure. Net loss was $83 million, or $0.88 per share, in the three-month period ended June 30, compared with a profit of $2 million, or $0.03 per share, in the year-earlier period, the Kingsey Falls, Quebec-based company said in a statement today.

Moving to junior markets, ShaMaran Petroleum Corp. (CVE:SNM), a Kurdistan-focused Canadian oil  company, fell more than 3 percent to 32 Canadian cents after saying operations at the Atrush Block has been suspended due to escalating instability around the Kurdistan Region of Iraq.

Simba Energy (CVE:SMB), meanwhile, jumped almost 8 percent after saying it has identified a number of potential drill targets within Block 2A, onshore Kenya. The Toronto listed explorer has now received the full analysis report for an aerial survey, completed in June, over the highly prospective acreage which lies adjacent to areas which recently saw a new discovery and hosts ongoing exploration. 

Canamex Resources (CVE:CSQ) (OTCQX:CNMXF) (FSE:CX6) jumped to a new 52 week high after reporting the latest drilling results from its Bruner gold project in Nevada, which unveiled high grade mineralization at the open northern extension of the Penelas East zone. The company reported reverse circulation drill hole B-1436 returned 9.1 metres grading 11.9 grams per tonne (g/t) gold at the bottom of the hole, from approximately 228 to 237 metres depth.

True Gold Mining (CVE:TGM) jumped 5 percent after inking a financing deal for its Karma project of up to US$120 million with Franco-Nevada Corp (TSE:FNV) and Sandstorm Gold (TSE:SSL), providing sufficient funds to complete the construction of its Burkina Faso property. 

Avrupa Minerals  (CVE:AVU) has doubled the amount it is raising in its current financing to $1.0 million, the company announced on Tuesday. The junior mineral explorer had initially announced earlier this month that it planned to raise $500,000, but the financing was oversubscribed, and subsequently increased. 

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