The S&P/TSX Venture Composite Index jumped 1.6%, or 14.15 points, en route to an 898.42-point weekly close. Markets were driven near monthly highs following comments from U.S. Federal Reserve Chairman Ben Bernanke, while commodity prices rose across the board.
Gold futures managed some consistent gains, with August contracts for bullion closing up 5.5%, or US$66.60, at US$1,284.15 per oz. Crude oil built on its monthly momentum, as September contracts for West Texas Intermediate (WTI) jumped US$2.42, en route to a US$106.17-per-barrel weekly close. WTI futures gained 8% during the month. September contracts for copper rose around 2.7% before closing at US$3.15 per lb.
Esperanza Resources received a boost in the form of a $69-million friendly takeover bid from Toronto-based producer Alamos Gold. Esperanza jumped 33¢ during the week on 7.3 million shares traded before closing at 90¢ per share. Alamos’ main target is the Esperanza gold-silver project, 110 km south of Mexico City, which hosts a highly oxidized skarn deposit. Esperanza’s stock took a beating after the Mexican government denied the project’s environmental impact assessment in mid-June.
Streaming outfit Sandstorm Metals & Energy sat on the other side of the ledger, leading the Venture in the value-lost category with a 91¢ fall, en route to a $2.23 close. Sandstorm was impacted after revising a metal-purchase agreement with Donner Metals regarding the Bracemac-McLeod volcanogenic massive sulphide mine in Quebec’s Matagami mining district.
Donner owns 35% of Bracemac-McLeod alongside operator Glencore Xstrata. The mine reached commercial production in May at an average rate of 3,000 tonnes per day, but Donner has run into liquidity issues that have made it difficult for the company to meet its capital funding obligations at the project.
Sandstorm has agreed to waive the requirement for Donner to sell copper under its metal-purchase agreement during the 2013 calendar year. Donner had amended the agreement in November 2012, when it arranged for another US$10-million upfront payment from Sandstorm in exchange for buying an amount equivalent to 7% of future copper, gold and silver production from Bracemac-McLeod.
Aurcana rose 42¢ en route to a $1.63 close after releasing an update on its Shafter silver mine in Texas. Aurcana said that both the mine and mill achieved or exceeded the initial target production rate of 600 tonnes per day, with the mill reaching 1,000 tonnes per day in June. Aurcana expects production to increase for the rest of the year.
TSX-V most active issues
| Volume | |||||||
| Company | Symbol | (000s) | High | Low | Close | Change | |
| Brookemnt Cpt | BKT | 39508 | 0.05 | 0.02 | 0.05 | + | 0.03 |
| Cavan Vent | CVN | 19292 | 0.08 | 0.02 | 0.06 | + | 0.05 |
| Donner Metals | DON | 14675 | 0.08 | 0.04 | 0.04 | – | 0.01 |
| Unigold | UGD | 8910 | 0.1 | 0.07 | 0.08 | + | 0.01 |
| Esperanza Res | EPZ | 7270 | 0.91 | 0.54 | 0.9 | + | 0.33 |
| Fire River Gol | FAU | 4020 | 0.01 | 0.01 | 0.01 | – | 0.01 |
| Guerrero Expl | GEX | 3987 | 0.07 | 0.04 | 0.05 | – | 0.03 |
| Ocean Park Vnt | OCP | 3729 | 0.02 | 0.01 | 0.01 | 0 | |
| Gold Port Res | GPO | 3463 | 0.02 | 0.01 | 0.01 | – | 0.01 |
| Apogee Silver | APE | 3452 | 0.05 | 0.04 | 0.05 | + | 0.01 |
TSX-V greatest percentage change
| Volume | |||||||
| Company | Symbol | (000s) | High | Low | Close | Change | |
| Elm Tree Mnls | ETM | 21 | 0.1 | 0.09 | 0.1 | + | 400 |
| Cavan Vent | CVN | 19292 | 0.08 | 0.02 | 0.06 | + | 300 |
| Terra Firma Rs | TFR | 20 | 0.02 | 0.02 | 0.02 | + | 200 |
| I-Minerals | IMA | 131 | 0.17 | 0.07 | 0.17 | + | 153.8 |
| TAD Mnl Expl | TJ | 391 | 0.03 | 0.02 | 0.03 | + | 150 |
| Brookemnt Cpt | BKT | 39508 | 0.05 | 0.02 | 0.05 | + | 150 |
| Great Bear Res | GBR | 38 | 0.07 | 0.07 | 0.07 | + | 133.3 |
| Aldershot Res | ALZ | 77 | 0.01 | 0.01 | 0.01 | + | 100 |
| Celeste Copper | C | 86 | 0.01 | 0.01 | 0.01 | + | 100 |
| Duncan Park H | DPH | 30 | 0.01 | 0.01 | 0.01 | + | 100 |
| Venerable Vent | VLV | 399 | 0.04 | 0.02 | 0.03 | – | 58.3 |
| Currie Rose Rs | CUI | 423 | 0.03 | 0.02 | 0.02 | – | 57.1 |
| La Quinta Res | LAQ | 132 | 0.01 | 0.01 | 0.01 | – | 50 |
| Fire River Gol | FAU | 4020 | 0.01 | 0.01 | 0.01 | – | 50 |
| MacMillan Mnls | MMX | 1216 | 0.01 | 0.01 | 0.01 | – | 50 |
| Cassius Vent | CZ | 352 | 0.05 | 0.02 | 0.02 | – | 50 |
| Jet Gold | JAU | 1510 | 0.01 | 0.01 | 0.01 | – | 50 |
| Canadn Arrow | CRO | 533 | 0.01 | 0.01 | 0.01 | – | 50 |
| Conway Res | CWY | 896 | 0.01 | 0.01 | 0.01 | – | 50 |
| Menika Mining | MML | 30 | 0.01 | 0.01 | 0.01 | – | 50 |
TSX-V greatest value change
| Company | Symbol | Change | Close | Change | |
| Zenyatta Vent | ZEN | 2802884 | 3.94 | + | 0.77 |
| Aurcana Corp | AUN | 1557520 | 1.63 | + | 0.42 |
| Esperanza Res | EPZ | 7269749 | 0.9 | + | 0.33 |
| Reservoir Mnls | RMC | 325694 | 3.15 | + | 0.2 |
| SilverCrest Mn | SVL | 620458 | 1.73 | + | 0.19 |
| Newstrike Cap | NES | 218311 | 0.87 | + | 0.17 |
| Colorado Res | CXO | 2087657 | 0.94 | + | 0.17 |
| Chesapeake Gld | CKG | 94549 | 3.16 | + | 0.16 |
| Tasman Metals | TSM | 190146 | 0.73 | + | 0.15 |
| Probe Mines | PRB | 216991 | 1.75 | + | 0.15 |
| Sandstorm Mt&E | SND | 777987 | 2.23 | – | 0.91 |
| Pac Booker Min | BKM | 21032 | 2.95 | – | 0.55 |
| Atacama Pac Gd | ATM | 95210 | 1.4 | – | 0.2 |
| Bacanora Mnls | BCN | 75000 | 0.2 | – | 0.14 |
| Pac Coal Res | PAK | 29943 | 0.27 | – | 0.13 |
| Lumina Copper | LCC | 216711 | 4.7 | – | 0.11 |
| American Vanad | AVC | 74883 | 0.63 | – | 0.1 |
| Northern Graph | NGC | 1277619 | 0.8 | – | 0.1 |
| Argex Silver C | RGX | 316857 | 1.1 | – | 0.08 |
| Reunion Gold | RGD | 654689 | 0.09 | – | 0.08 |
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