Venture drops 121 points in Dec. 12-16 period

Vancouver – The S&P TSX Venture Composite Index had a tough run in the December 12 to 16 period, almost dipping below 1,400 points after four days of losses before recovering slightly to end down 121.2 points at 1,426.11 points. Volume was up somewhat at an average of 102.8 million shares traded daily.

Fifty-fifty joint venture partners Regulus Resources and Pachamama Resources were the big stand-outs in a generally dour week after they released particularly encouraging drill results from their Rio Grande project in Argentina’s Salta province. The stand-out hole was 11-86 that hit three main mineralized intervals including a middle zone of 257.2 metres carrying 0.53% copper, 1.20 grams gold and 1.59 grams silver and a lower zone of 120 metres averaging 0.33% copper, 0.34 gram gold and 5.95 grams silver. Pachamama’s share price climbed 57¢or 146% to end at 96¢ while Regulus’s share price climbed 58¢ or 114% to $1.09. The share price spikes brought both companies back to where they were trading in September.

Matamec Explorations got a boost after signing a non-binding memorandum of understanding with Toyota Tsusho related to the Kipawa heavy rare earth project in Ontario. The two companies are to eventually form a joint venture on Kipawa with Matamec controlling 51% and Toyota the rest. Toyota brings technical and financial aid, including the first $17.5-million of a feasibility study, as well as an end-market for the rare earths at the project, while Toyota gets access to heavy rare earths such as dysprosium. Matamec climbed 9¢ to 37¢ with 10.8 million shares traded.

Another week meant another round of good news from Lumina Copper. The Argentina-focused company released more results from Taca Taca including 580 metres grading 0.88% copper, 0.18 gram gold and 0.02% molybdenum for a 1.1% copper equivalent, and 590 metres averaging 0.57% copper, 0.06 gram gold and 0.01% molybdenum for a 0.66% copper equivalent. The news sent Lumina’s share price up $2.35 to $13.80 to make it by far the highest value climber of the week, while the company had already climbed from below $6 in early October.

Lightly-traded Afferro Mining climbed 19¢ after announcing it would sell its 38.5% interest in the Putu iron ore project for a minimum of US$115 million in cash. Afferro is selling its stake to Severstal, which will then control 100% of the Liberian project. Afferro will use the windfall to advance its flagship Nkout iron ore project in Cameroon, which hosts 944 million indicated tonnes grading 32.7% iron and 1.05 billion inferred tonnes grading 31.6% iron.

Encore Renaissance jumped from 2¢ to 3¢ on its way to becoming the most active stock on the index with 25.8 million shares traded. In the period the company appointed Matt Wayrynen as president and CEO, who previously served as president and CEO of Bralorne Gold Mines and TrichoScience Innovations and was previously a director of Quinto Mining before it was bought by Consolidated Thompson Iron Mines. The company’s main asset is the Bonaparte gold property near Kamloops, British Columbia, where it has an option to purchase a 60% interest.