Junior miners continue to shine

TSX VENTURE EXCHANGE

Further increases in precious and base metal prices propelled the S&P-TSX Venture Composite Index to a 15-week high of 1803.73, up 30.84 points on the abbreviated trading session July 26-29. Average daily trading volumes remained strong at 43.2 million shares over the holiday-shortened week.

Gainers continued to make up ground on losers, with 35 junior companies rallying to new 52-week highs versus 89 Venture-Exchange-listed explorers sinking to new annual lows.

Copper-gold explorer Mindoro Resources led volume traders for the week with more than 10 million shares changing hands, gaining 11 to close at 43 per share. The company offered little news to explain the spike in trading activity. Recent metallurgical testing of a small bulk sample from its Kay Tanda gold-silver prospect, part of the Archangel project in the Philippines, yielded good gold recoveries.

Golden Band Resources grabbed second spot among most-active issues on volume of 7.3 million shares and with a two-penny gain to close at 25.5 per share. Most of the trading can be attributed to a couple of large market crosses. The aspiring Saskatchewan gold producer was recently touted by a well-known investment newsletter writer.

Timmins area explorer Vedron Gold saw more than 5.1 million shares change hands, to gain 1.5 and close the session at 14.5 per share. The company boosted a planned financing to 5 million units at 15 apiece, for proceeds of $750,000.

Shares of Radius Gold plummeted 42%, off 63 to close at 86, on volume of almost 4.4 million shares. Initial drill results from 33 holes on its Natividad gold project in central Nicaragua, optioned to Meridian Gold, failed to meet market expectations and prompted the sell off. Results from further drilling are expected in late-August.

Mustang Minerals shed 21%, or 24, to close at 88 per share on 2.6 million shares. Results from a second fence of drill holes on the M2 zone on the Mayville project in eastern Manitoba, continued to outline a significant copper-nickel-PGM mineralized zone.

North American Tungsten traded more than 2.5 million shares, gaining 13 to close the week at the $1.33. Tungsten production from the Cantung mine is set to begin in the fall. Meanwhile, the company recently started a drill program on its Mactung deposit.

TNR Gold posted a 49% gain on the week, up 11.5 on 1.2 million shares, to close at 35. The company has lined up an $850,000 private placement to explore its Shotgun project in southwestern Alaska.

Central British Columbia explorer Skygold Ventures was up almost 35% over the period, to close at 62 per share on 1.2 million shares. Recent drilling on its Cariboo-area Spanish Mountain project, a joint venture with Wildrose Resources, returned significant gold mineralization. Hole 249 intersected over 53 metres grading 2.1 grams gold, including 50 metres of 4.3 grams gold.