After enjoying a brief early week rally during the trading period, The S&P/TSX Venture Composite Index pared gains, closing down 2%, or 24.4 points, at 1,184.25. Uncertainty surrounding the eurozone crisis and weak jobs data in the U.S. offset a mid-week rise in oil prices that saw U.S. crude valued at US$84 per barrel. Speculation mounted regarding further stimulus measures in China, as the world’s second-largest economy posted its weakest monthly growth performance since 2008.
Canadian junior gold explorer Roxgold recorded the highest trade volumes for the week, as 8.2 million shares traded hands following news that activist investors — led by Oliver Lennox-King — were initiating a proxy action in a bid to replace the company’s board of directors. Roxgold plummeted 58%, or 95¢ over the second quarter, and the Lennox-King group maintains that management is mishandling the company’s flagship Yaramoko gold project in Burkina Faso, West Africa. Roxgold gained 21%, or 12¢ following news of the proxy battle, en route to a 68¢ weekly close. The company has rescheduled its annual general meeting to Sept. 25.
Vancouver-based junior Barkerville Gold Mines is generating a lot of market buzz as investors debate the validity of the company’s 10-million-oz. gold resource at its Cow Mountain property in northern B.C. Barkerville traded 8 million shares during the period, with a mid-week news release revealing that the British Columbia Securities Commission was investigating the merits of the company’s National Instrument 43-101 technical report on the project. Barkerville fell 23% on the news before closing the week at 88¢.
GoldQuest Mining generated buzz of a more positive variety, as the company topped the value-added charts, jumping 24¢, or 38%, on its way to an 86¢ weekly close. GoldQuest released news that it had mobilized a second drill rig at its Romero gold-copper discovery in the Dominican Republic. Speculators continue to support the junior explorer following a drill hole in mid-May that cut 231 metres of 2.4 grams gold per tonne.
On the other side of the coin, Vancouver-based exploration outfit Gold Reach Resources dropped 35% or 60¢, to lead the value-lost category — closing the week at $1.15 per share. The company released assay results from the first two holes on its wholly owned Ootsa property adjacent to the Huckleberry Mine in B.C. Gold Reach is stepout drilling at its new West Steel discovery, with highlights including 817 metres grading 0.2% copper, 0.21 gram gold and 0.026% molybdenum in hole 100.
| Volume | Week | |||||
| (000s) | High | Low | Close | Change | ||
| WGI Heavy Mnl | WG | 462 | 0.59 | 0.25 | 0.59 | +131.3 |
| Inter-Citic Mn | ICI | 3319 | 1.61 | 1.10 | 1.59 | +50.0 |
| CaNickel Mng | CML | 1141 | 0.02 | 0.01 | 0.02 | +50.0 |
| La Mancha Res | LMA | 8136 | 3.44 | 2.25 | 3.43 | +43.5 |
| Evolving Gold | EVG | 3391 | 0.35 | 0.20 | 0.32 | +36.1 |
| Frontier Rr Er | FRO | 570 | 0.64 | 0.46 | 0.61 | +32.6 |
| Mountain Prov | MPV | 439 | 4.80 | 3.91 | 4.78 | +18.6 |
| Polaris Minls | PLS | 98 | 0.71 | 0.61 | 0.71 | +18.3 |
| Silver Bear Rs | SBR | 24 | 0.36 | 0.28 | 0.36 | +18.0 |
| Cerro Grande M | CEG | 72 | 0.42 | 0.25 | 0.40 | +17.6 |
| South Am Silvr | SAC | 4138 | 0.91 | 0.36 | 0.46 | -54.9 |
| Cline Mng | CMK | 14081 | 0.64 | 0.28 | 0.33 | -46.7 |
| Xinergy | WRG | 445 | 1.33 | 0.64 | 0.75 | -42.7 |
| Semafo | SMF | 19450 | 5.64 | 3.24 | 3.48 | -37.3 |
| Starfield Res | SRU | 845 | 0.02 | 0.01 | 0.01 | -33.3 |
| TriAusMin | TOR | 1179 | 0.10 | 0.08 | 0.08 | -28.5 |
| Rockwell Diam | RDI | 73 | 0.44 | 0.31 | 0.31 | -27.3 |
| INV Metals | INV | 566 | 0.16 | 0.11 | 0.11 | -26.6 |
| Pac Rim Mining | PMU | 61 | 0.08 | 0.07 | 0.07 | -26.3 |
| Coro Mining | COP | 45 | 0.25 | 0.20 | 0.20 | -25.9 |
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