CDNX posts record trading volumes, sets new high

The Canadian Venture Exchange finished the week ended Feb. 1 by gaining 132.09 points, or 4.74%, to close at an all-time high of 2,917.91. The small-cap exchange is up 24% on record trading volumes so far this year. In total, 1.3 billion shares worth $1.7 billion were traded in January.

TNR Resources doubled its value, jumping 10 to close at 20. The junior announced a financing agreement whereby Toronto-listed Barrick Gold can earn up to a 70% stake in nine of TNR’s gold properties in Argentina. During the first year of the agreement, exploration spending on the nine properties must total at least $720,000, and, of that, at least 80% must be directed towards the 54-sq.-km Ortiga property.

Rumours of an Internet deal caused New Guinea Gold to climb 13 to 18. The Southeast Asian explorer holds the Normanby, Feni and Tanga gold properties in Papua New Guinea.

Patricia Mining also gained momentum, tacking on 50 after announcing a near-surface resource of 106,000 tonnes grading 8.2 grams gold per tonne at its Island project, near Wawa, Ont. The junior finished the week at $1.30.

The market decided to take some profits as Muskox Minerals lost 48 to close the week at $2.12. The company’s stock had risen in anticipation of a $2.3-million drill program on the platinum-palladium-bearing Muskox layered intrusion in Nunavut. The program is set to begin in March.

Minera Andes posted strong gains, adding 36 to its value and closing at $1. The junior announced the close of a $2.3-million financing, proceeds from which will finance ongoing drilling at the Saavedra West and Huevos Verdes gold-silver prospects in Argentina.

Quaterra Resources gained 10 to close at 33. The company announced it had closed a $470,000 private placement, with funds slated for the Nieves silver project in Zacatecas state, Mexico.

Gabriel Resources posted strong gains, closing at $2.65, up 45 over the previous report period. The gold explorer is in the midst of a feasibility study on its Rosia Montana property in Romania.

Foran Mining closed at 78, up 11. Exploration and infill drilling are in full swing on the junior’s McIlvenna Bay massive sulphide deposit, in the Flin Flon greenstone belt of northern Saskatchewan.

Rubicon Minerals added 20 to its value and closed at 65. The company signed a letter-of-intent with AngloGold North America to option its Red Lake gold project in Northwestern Ontario. According to the agreement, which is still subject to approvals, AngloGold is required to spend US$3 million over five years in order to earn a 60% interest in the property.

Spider Resources closed at 13, up 3. The junior plans a 14-hole drill program on its James Bay Lowlands project, a joint venture with CDN-listed KWG Resources. The initial phase will focus on the Kyle 3 kimberlite body.