TSX Venture Exchange

The mid-August rebound of the S&P/TSX Venture Composite Index came to a halt as four days of losses pulled the index down 11.14 points to 1,240.74. Volume was in-line with recent weeks at an average of 71.4 million shares traded daily, though it would have been higher if not for the 57 million shares traded on long-weekend Friday.

Reservoir Minerals paused on Aug. 30 after climbing 27¢ to $2.17 on no news. But after the long weekend, the company announced an intersection of 160 metres grading 10.16% copper equivalent at its Timok project in Serbia. On the news and the resumed trading, the company rose as much as $1.31 to $3.48 before settling at $3.18. The impressive hit follows Freeport-McMoRan Exploration exercising its option to acquire 55% of Timok, while the company can earn 75% by completing a feasibility project. Even before last week’s run-up, Reservoir had made strong gains, from 56¢ in mid-July to $1.90 by Aug. 24.
Goldquest Mining had an active week with 39 million shares traded, and announcing more results from its new Romero target in the Dominican Republic. The results include 235 metres grading 7.88 grams gold per tonne and 1.43% copper, 189 metres of 3.14 grams gold and 1.07% copper, and 101.9 metres of 0.73 gram gold and 0.15% copper. Major expectations were built into the stock price and the results sent the stock price down 15¢ to $1.56, but the company is largely holding onto its gains since climbing from 4¢ in May.

Little-traded Pacific Booker Minerals had the highest value gains in the period, climbing 75¢ to $13.75 on 52,000 shares traded. The B.C. government’s Environmental Assessment Office informed Pacific Booker that it had reviewed the environmental application for its Morrison copper-gold project, and submitted the referral documents to the Ministry of Energy and Mines and the Ministry of the Environment. The ministries have 45 days to make a decision on the environmental assessment certificate.
Galway Resources climbed 22¢ to $1.24 after announcing a credit agreement and new mining concessions. The company plans to borrow up to $10 million to continue drilling at its Colombian project, with the loan carrying a prime plus 0.5% interest rate. Galway has new targets to drill after securing nine mining concessions in the municipality of California in Santander, Colombia. Galway paid US$6.6 million in cash to secure the titles, and $7.8 million in share payments will be made after TSX approval. Meanwhile, the company has dropped the Tronadora concession 2.5 km southwest of its main California concessions.

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