Volatile session ends well for Venture board

Vancouver — Trading on the TSX Venture Exchange was a roller-coaster ride during the report period Nov. 29-Dec. 5, though the overall trend was up, with the S&P-TSX Venture Composite Index gaining 38.7 points to close at 2,088.81.

Companies active in Mongolia had the roughest ride after reports suggested the government was pondering onerous changes to its Minerals Law, which in its current form, has attracted 230 companies and billions in potential foreign investment to the land-locked nation. The reality was that certain factions of government were urged by policy wonks from the United Nations and various non-governmental agencies to adopt more restrictive and nationalistic policies, while industry and investment-related agencies urged the government to maintain the status quo. At a mining conference in China, Mongolian Prime Minister Tsakhiagiin Elbegdorj reassured mining companies that there was no case to be made for government ownership of mineral deposits, and added that the government was determined to avoid “negative consequences” resulting from changes proposed by certain individuals and groups. The news gave a boost to several companies active in Mongolia, including Western Prospector Group, which gained 75 to close at $5.05. Also, the company was named to the 2005 TSX Venture 50, the first-ever ranking of Canada’s top emerging public companies on the Venture board.

The most-active trader was Yukon Zinc, up a penny to 24 after a Boston-based resource fund picked up shares of Yukon Zinc sold by Atna Resources. Yukon Zinc expects to complete a feasibility study for its Wolverine zinc project early next year.

Cypress Development took second spot on the most-active list, up 3.5 at 16. The company is active in the Red Lake gold camp of Ontario, at its 80%-owned McKenzie Island property. Geochemical and geophysical surveys are defining targets for drilling.

Beartooth Platinum held steady on good volume to close at 12.5 over the report period. The company is exploring in southern Montana, near the Stillwater platinum-palladium mine complex.

Beaufield Resources got a small boost of 6 to 35 by virtue of holding ground near the promising lonore gold property being explored by Virginia Gold Mines in Quebec.

Calgary-based Birch Mountain Resources gained 85 to $8.90 in active trading. The company began commercial aggregate (limestone) production at the Muskeg Valley quarry in the fourth quarter of this year, and anticipates reporting first revenues after year-end.

Toronto-based Titanium Corp. has selected an engineering firm to carry out a bulk-sampling program to test its proprietary technology to recover titanium-bearing minerals and zircon from oil-sands tailings. The company’s goal is to become the first titanium and zircon-sand producer from oil-sands deposits in Canada. The company’s shares gained 53 to close at $2.83.

Dynasty Metals & Mining got a 46 boost to $1.80 after announcing exploration updates and a resource increase at its Zaruma and Jerusalem gold projects in Ecuador. The junior is also exploring a grassroots copper-gold prospect in the mineral-rich nation.