TSX Venture Exchange

The S&P/TSX Venture Composite Index declined for another week, though losses were limited to 15.04 points after a late rebound that had the index close the period at 1,190.99 points. Volume climbed by a few million compared with the week before, to an average of 65 million shares traded daily.

Barkerville Gold Mines came out on top for the period after releasing a resource estimate on the last day of trading that seemed almost too good to be true. Geologist Peter George estimates that Barkerville’s Cow Mountain deposit holds 62.6 million tonnes grading 5.28 grams gold per tonne for 10.6 million oz. gold, compared to 500,000 oz. in a 2006 estimate on the project. George also put out an arm-waving “geological potential” estimate on a stretch of the company’s property in central B.C., stating that it could host up to 90 million oz. gold. On news of the resource the company’s share price climbed 40¢ with 7.2 million shares traded on the day, while ending up 46¢ at $1.21 with 8.7 million shares traded. Shares traded at $1.08 at presstime.

Bear Creek Mining was a close second in value gains, climbing 40¢ to end at $2.85 with 645,000 shares traded. The company did not release news during the week, and has not released project or exploration news all year. Bear Creek announced the results of a feasibility study for its Corani project back in November, while its Santa Ana project remains in limbo. The company completed second-phase drilling on its Tassa silver-gold project in the year’s first quarter but has yet to release the results, while it planned to initiate permitting for Corani in the second quarter.

Lion One Metals finished third in the value-gains category, climbing 10¢ to end at 80¢ with 100,000 shares traded in the period. The company released no news but announced late the week before that it had appointed Hamish Greig as vice-president and corporate secretary, and that he would join the board of directors. The company began drilling its Tuvatu gold project in Fiji  in June.

Geodex Minerals was the most activly traded stock, with 11.1 million shares changing hands during the week out of a total pool of 113.7 million shares. The activity, however, resulted in a three-quarter loss in value as the stock price plunged from 8¢ to end at 2¢ apiece. The two weeks earlier,  Northcliff Resources completed a 70% earn-in of Geodex’s Sisson tungsten-molybdenum property in New Brunswick, while last week Northcliff bought the remaining 30% for 16 million Northcliff shares, $1 million cash and a return of 3.3 million Geodex shares for cancellation.

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