TSX Venture Exchange, May 6-10

The S&P/TSX Venture Composite Index treaded water during the trading period despite a rally across North American stock markets. The Venture gained 0.2%, or 2.05 points, en route to a 966.73-point close, as commodity prices stayed soft and the Canadian dollar lost value against its surging American counterpart.

The U.S. labour market got a boost after jobless rates dropped to a four-year low at 7.5%. The U.S. government revealed that employers gained 165,000 workers in April.

Meanwhile, Statistics Canada reported a modest hiring rebound in April, with Canada’s economy adding 12,500 jobs, while the unemployment rate held steady at 7.2%. Manufacturing work increased by 21,000 last month, the first time the sector has added jobs since last June.

Commodity markets were a mixed bag during the week, as June contracts for gold bullion dropped 1.6%, or US$23.30, before closing at US$1,446.65 per oz., while June contracts for crude oil lost 1%, or US95¢, en route to a US$95.94-per-barrel weekly close. Copper was a bright spot, with July contracts for the red metal gaining 2.7%, or US9¢, before finishing the week at US$3.39 per lb.

Toronto-based gold outfit Probe Mines enjoyed a bout of market momentum after news of a $15-million brokered private placement with 7.5 million flow-through units for $2 each. Probe jumped 16¢ after the placement was announced late in the week before closing at $1.30 per share. The company is in the midst of metallurgical work and stepout drilling at its Borden Gold project near Timmins, and intends to release a preliminary economic assessment on the project within the next few months.

Yukon-focused Victoria Gold nearly doubled its average trade volume during the week, after the company saw 6.1 million shares trade hands before it closed at 15¢ per share to end the week. Victoria announced on May 7 that it is delaying construction at its Eagle gold project — 375 km north of Whitehorse — due to unsupportive equity markets. The company had intended to start construction on the project this year, but with a $50-million market capitalization, Victoria would have a hard time raising the US$400 million in capital that it would need for development. Victoria reports $35 million in cash and equivalents, and intends to spend the year de-risking Eagle. Ongoing work for the year includes upgrading roads and preparing heap-leach pad foundations.

Shares of West African explorer Roxgold jumped 9¢ before closing at 58¢, after the company released infill drill results from its 55 zone at its Yaramoko gold project in Burkina Faso. Roxgold has drilled 28 holes over 16,500 metres, to a 400- to 750-metre vertical depth.

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