Junior exchange stages mid-summer rally

Vancouver — Canada’s junior exchange sprinted to yet another new yearly high during the week ended July 29. The S&P-TSX Venture Exchange composite index jumped 61.45 points, or 5.4%, and closed at 1,190.09.

American Bonanza Gold Mines added 3 to its value and closed at 30 with 2.6 million shares traded. The junior has an underground rig turning on the Copperstone gold project in Arizona and a surface rig turning on the Gold Bar property in Nevada.

Cardero Resources closed up a dime to 94 on 2.1 million shares. The company got a boost from the latest results of exploration on the Olaroz silver project in northwestern Argentina. The best values came from hole 6A, which yielded 13.5 metres grading 556.5 grams silver per tonne.

Excellon Resources added 3 and finished the week at 15 with nearly 2 million shares traded. The junior is in the midst of a $2.1-million financing, which is needed as a precondition to a US$4-million financing by the Rand Merchant Bank Group. The money will be used to increase the company’s stake in the Platosa silver project in Mexico to 51% from 25.5%.

International Wayside Gold Mines popped back on to investor’s radar screens, adding 3, and closing at 12 with 1.5 million shares traded. The company has been advancing the Cariboo gold project, near Quesnel, B.C. The project hosts three former-producing gold mines.

Investors bid up shares in Far West Mining following the release of drill results from the Candalaria iron oxide copper gold project in northern Chile. The best results came from the first hole, which tested the 4c3 target and returned 2.47% copper and 0.33 gram gold per tonne over 60 metres from 28 metres down-hole. Shares in the junior doubled in value to $1.50, up 75 on nearly 1.4 million shares traded.

Anooraq Resources added 10 to its value and closed at 70 on a volume of 1.3 million shares. The Hunter-Dickinson-led junior has been drilling the southern portion of its Platreef platinum-palladium property in South Africa.

Spider Resources ended the week up 2, to 11, with 1.2 million shares traded. The junior and its joint-venture partner, KWG Resources, are working the Spider 3 base metal prospect in the James Bay Lowlands of northern Ontario. KWG ended the session up half a penny at 12 on 482,000 shares.

Another mover, Alamos Gold, added 14 to close at $1.25 on 1.1 million shares. The junior is looking to develop the Salamandra gold property in Mexico.

OntZinc closed at 11, up a penny with just over 1 million shares traded. The company announced that St. Lawrence Zinc, a corporation related to OntZinc, has received the approval of the U.S. Bankruptcy Court to buy the Balmat mine from ZCA Mines for US$20 million. The purchase price shall be payable out of net cash flow from operations.

Making a nice percentage move, Silver Standard Resources added $2.30 to its value and closed the week at $9.80 with 334,000 shares traded. Based on success at the Challacollo property in Chile, the company will soon make its final payment (US$600,000) for its acquisition of the property.

IMA Exploration closed up 22 to $1.88 with 755,000 shares changing hands.