The S&P/TSX Venture Composite Index has been slipping for four weeks after dropping 1.6%, or 14.39 points, en route to a 881.40-point weekly close. It has lost around 9%, or 87.66 points, since the first week of June.
Commodities struggled despite a statement from the U.S. Federal Reserve that hinted at more quantitative easing if the U.S. economy slows, though a subsequent surge in gold prices led to a strong trading day to finish the week.
Copper was again hit hard, as September contracts for the red metal fell US3.4¢ to sit near 52-week lows at US$3.06 per lb. August contracts for gold bullion declined to US$1,204.75 per oz. before staging a late-week comeback, though prices still closed down around 5%, or US$65.80, at US$1,233.75 per oz.
Vancouver-based junior Guerrero Exploration was the most actively traded company on the Venture for the second straight week. Guerrero traded 13 million of its 52 million outstanding shares during the period, as the company gained 5¢ per share en route to a 12¢ weekly close.
Guerrero has been busy on the news front, and released updates during the week for two exploration initiatives in Mexico. On June 24 the company announced it had submitted its full drill-permit application on its Cerro Azul gold-copper project, which is a joint-venture with partner Riverside Resources. The permit should jump-start a planned exploration drilling program on Cerro Azul that the companies outlined in mid-June.
Guerrero followed up with a release on June 26 that confirmed it had received title certificates for its wholly owned Cibola and Coatepec concessions. The company expects that its Olinala concession will be granted in the coming months. The three concessions cover 1,308 sq. km along the Guerrero Gold Belt in eastern Guerrero State, Mexico.
Nevada-focused explorer Rye Patch Gold dropped 12¢ during the week before closing near 52-week lows at 20¢ per share on 6.6 million shares. On June 25 the company announced it had reached a settlement with U.S.-based silver producer Coeur Mining over a two-year dispute relating to 400 unpatented mining claims that cover part of Coeur’s Rochester silver-gold operation in Pershing County, Nev.
Under terms of the settlement Coeur will pay Rye Patch US$10 million in cash, plus a 3.4% net smelter return royalty covering 39.4 million equivalent oz. silver sales at Rochester. The royalty kicks in on Jan. 1, 2014, and should be complete within four years. The total value of the settlement package is estimated at US$36 million at spot silver prices.
TSX-V most active issues
| Volume | |||||||
| Company | Symbol | (000s) | High | Low | Close | Change | |
| Guerrero Expl | GEX | 13130 | 0.13 | 0.07 | 0.12 | + | 0.05 |
| Apogee Silver | APE | 11959 | 0.04 | 0.02 | 0.03 | – | 0.01 |
| Donner Metals | DON | 11731 | 0.12 | 0.06 | 0.06 | – | 0.07 |
| Amseco Expl | AEL | 7521 | 0.02 | 0.01 | 0.02 | + | 0.01 |
| Cream Mnrls | CMA | 7164 | 0.01 | 0.01 | 0.01 | – | 0.01 |
| Huldra Silver | HDA | 7152 | 0.24 | 0.06 | 0.08 | – | 0.15 |
| Rye Patch Gold | RPM | 6586 | 0.32 | 0.17 | 0.2 | – | 0.12 |
| Pac Potash | PP | 5851 | 0.18 | 0.13 | 0.15 | – | 0.03 |
| Aurcana Corp | AUN | 5805 | 1.75 | 1.15 | 1.4 | – | 0.12 |
| Metals Ck Res | MEK | 5697 | 0.04 | 0.03 | 0.04 | + | 0.01 |
TSX-V greatest percentage change
| Volume | |||||||
| Company | Symbol | (000s) | High | Low | Close | Change | |
| Canadn Arrow | CRO | 113 | 0.01 | 0.01 | 0.01 | + | 100 |
| Valhalla Res | VH | 10 | 0.01 | 0.01 | 0.01 | + | 100 |
| Mazorro Res | MZO | 815 | 0.02 | 0.01 | 0.02 | + | 100 |
| Midlands Minls | MEX | 539 | 0.01 | 0.01 | 0.01 | + | 100 |
| Playfair Mng | PLY | 2590 | 0.02 | 0.01 | 0.01 | + | 100 |
| Plato Gold | PGC | 115 | 0.01 | 0.01 | 0.01 | + | 100 |
| Ferrum Am Mng | FEM | 28 | 0.06 | 0.04 | 0.06 | + | 100 |
| Foundation Res | FDN | 347 | 0.04 | 0.02 | 0.04 | + | 75 |
| Geodex Mnrls | GXM | 178 | 0.1 | 0.05 | 0.1 | + | 72.7 |
| Guerrero Expl | GEX | 13130 | 0.13 | 0.07 | 0.12 | + | 71.4 |
| Pac Comox Res | PCM | 423 | 0.01 | 0.01 | 0.01 | – | 66.6 |
| Huldra Silver | HDA | 7152 | 0.24 | 0.06 | 0.08 | – | 66.6 |
| Jet Gold | JAU | 646 | 0.02 | 0.01 | 0.01 | – | 60 |
| Mill City Intl | MC | 60 | 0.07 | 0.04 | 0.04 | – | 55.5 |
| Moss Lake Gld | MOK | 60 | 0.11 | 0.07 | 0.07 | – | 53.3 |
| Donner Metals | DON | 11731 | 0.12 | 0.06 | 0.06 | – | 52 |
| Compass Gold | CVB | 873 | 0.02 | 0.01 | 0.01 | – | 50 |
| Adroit Res | ADT | 372 | 0.02 | 0.01 | 0.01 | – | 50 |
| Goldstar Mnls | GDM | 1242 | 0.01 | 0.01 | 0.01 | – | 50 |
| Black Panther | BPC | 221 | 0.08 | 0.04 | 0.04 | – | 50 |
TSX-V greatest value change
| Company | Symbol | Change | Close | Change | |
| Zenyatta Vent | ZEN | 2185380 | 2.95 | + | 0.45 |
| Sandstorm Mt&E | SND | 521035 | 3.54 | + | 0.4 |
| Bear Creek Mng | BCM | 664949 | 1.7 | + | 0.32 |
| Probe Mines | PRB | 837865 | 1.74 | + | 0.15 |
| Diamcor Mng | DMI | 33215 | 1.39 | + | 0.14 |
| Kennady Diam | KDI | 61636 | 1.65 | + | 0.13 |
| Maudore Minls | MAO | 173550 | 0.54 | + | 0.1 |
| Rathdowney Res | RTH | 193500 | 0.48 | + | 0.08 |
| Noram Vent | NRM | 23000 | 0.2 | + | 0.07 |
| Confedertn Mls | CFM | 2020098 | 0.22 | + | 0.07 |
| Chesapeake Gld | CKG | 145969 | 3.19 | – | 0.4 |
| Pac Coal Res | PAK | 10736 | 0.43 | – | 0.27 |
| SilverCrest Mn | SVL | 2368940 | 1.44 | – | 0.26 |
| Reservoir Mnls | RMC | 361249 | 2.73 | – | 0.22 |
| Giyani Gold | WDG | 750955 | 0.82 | – | 0.2 |
| Anfield Nickel | ANF | 78814 | 2.95 | – | 0.19 |
| Orefinders Res | ORX | 33500 | 0.2 | – | 0.17 |
| Huldra Silver | HDA | 7151561 | 0.08 | – | 0.15 |
| Rye Patch Gold | RPM | 6586357 | 0.2 | – | 0.12 |
| Aurcana Corp | AUN | 5805414 | 1.4 | – | 0.12 |
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