Steady as she goes on Venture board

TSX VENTURE EXCHANGE

Vancouver — The S&P-TSX Venture Composite Index held firm at 1920.07, off just 5.23 points, over the Aug. 23-29 trading session. Average daily trading volumes gained about 10% at 40.8 million shares over the week.

Volume leader Alberta Star Development traded up 52% on almost 4.6 million shares, gaining 20.5 to close at 60. Strong investor interest prompted the company to more than double a previously announced private placement to $10.5 million. The company also received a 5-year Class A drill permit for its Contact Lake project, on the eastern shore of Great Bear Lake in the Northwest Territories, and continues to evaluate the IOCG (iron-oxide copper gold) and uranium potential. The property is close to the past-producing Echo Bay silver mine and Eldorado uranium-silver mine.

Golden Cariboo Resources again grabbed second place with just over 4.4 million shares changing hands, as it shed 4 to close at 25. The company, which recently announced a $1.2-million financing, is focused on Alberta gas projects but continues to holds the central B.C. Bar gold-lead-zinc project.

Majestic Gold placed third amongst volume leaders, with 4.4 million shares traded. It gained 7 to close at 54 as it expanded its joint venture with Trans America Industries on the Muping licenses in China’s Shandong province. The revision increases the number of licences included in the JV and has Trans America boosting its exploration contribution to $960,000 en route to earning its 50% interest. Majestic also plans a $1.3-million private placement.

Dianor Resources traded almost 4.3 million shares and dropped 25%, or 10.5, to close at 31.5 per share. The drop came with news that 21.5% shareholder, Vincent Lacroix and his associated company Norbourg Asset Management, had received an order to “cease all activities.” The junior diamond explorer also announced recovery of many macro-sized stones from a 300-kg surface sample at its Leadbetter project near Wawa in northern Ontario, and entered into a joint venture with Metalex Ventures to acquire a half-interest in the Mori diamond project, near Leadbetter.

Birch Mountain Resources traded almost 3.6 million shares, closing even at $4.44. With all operating approvals in place for its Muskeg Valley limestone quarry in northeastern Alberta, the company arranged a $32-million public offering to fund initial operations. The deposit is situated near the booming oil-sands developments.

Orko Gold traded 34 million shares, gaining 54% or 19 to close at 54. Drilling by the company intersected some of the highest gold and silver values encountered to date on the La Preciosa project in Durango state, Mexico, under option from Goldcorp.

Announcement that Goldcorp’s Robert McEwen grabbed a 49.8% stake in Lexam Explorations spurred a 267% surge in the largely inactive junior’s shares to 27.5 on volume of 1.3 million. McEwen is acquiring the interest from Goldcorp for $400,000, with the senior also extinguishing over $400,000 in debt.

Tungsten producer Primary Metals gained 62 to close at $2.02 on volume of 850,000. The company announced first quarter earnings of almost $2 million from strong metal prices and performance at its Panasqueira mine in Portugal.