TSX Venture Exchange – May 12-15

The S&P/TSX Venture composite index closed the May 12-15 trading week almost unchanged, down just 0.02 points at 1,063.09. Even though the week’s losses ended up cancelling its gains, daily trading volumes were strong, averaging 108.3 million trades.

Ten junior companies attained new 52-week share price highs over the week, while 22 fell to new lows. And while the high-low comparison still came out negative, the ratio has been improving over recent weeks.

Top trader status for the week went to Rusoro Mining, which moved 22 million shares to close down 2¢ at 44¢. The company, which has two operating mines and 10 exploration projects in Venezuela, produced 100,000 oz. gold and 11,000 oz. silver last year but hopes to increase those amounts significantly in the coming years. Rusoro is also embroiled in a legal battle stemming from its attempted hostile takeover of TSXlisted Gold Reserve.

Over the week, Noront Resources moved a significant number of shares — 16 million — after announcing its joint-venture partner, White Pine Resources, intersected massive sulphide mineralization at another project in the James Bay lowlands, in Ontario. Collared on geophysical anomalies, drills returned five massive sulphide hits from the G1 anomaly, over widths from 45 cm to 24 metres. Noront ended the week down 8¢ at 70¢; White Pine fell 6¢ to 45¢.

First-quarter financials showing $40.3 million in the bank lifted Exeter Resource’s share price 33¢ to $3.58. The company had a busy first quarter: it raised $29 million in a February financing, released an initial resource estimate showing its Caspiche project in Argentina hosts 8.7 million oz. gold and 2 billion lbs. copper, and entered into a strategic alliance with Formicruz, Santa Cruz province’s mining company. The new partners will explore for extensions of the high-grade Excondida vein from Exeter’s Cerro Moro project onto Formicruz land.

Without announcing any news, Mantra Mining managed to gain 47¢ to end the week at $1. Similarly, Continental Minerals added 20¢ to its share price, bringing it to $1.03, without announcing any news.

Results from the last few holes at its Livengood gold project in Alaska failed to impress investors in International Tower Hill Mines, which lost 40¢ over the week to close at $3.20. The results set included 1.5 grams gold over 27.4 metres from a stepout hole and 0.9 gram gold over 110 metres from an infill location.

And Anooraq Resources and Anglo Platinum, a subsidiary of Anglo American, finally agreed on a renegotiated joint-venture deal for the Lebowa platinum mine in South Africa. Anooraq is still buying a 51% interest in Lebowa but, because of the economic downturn, the asking price has dropped to $400 million from $500 million. The partners are also slowing planned ramp-up — they now expect to produce 150,000 oz. platinum by 2012 instead of 200,000 oz. Anooraq’s share price fell 25¢ to 99¢ over the week.

TSX-V most active issues
		VOLUME	WEEK
		(000s)	HIGH	LOW	CLOSE	CHANGE
Rusoro Mng	RML	22082	0.49	0.44	0.44	-0.02
Noront Res	NOT	16592	0.84	0.63	0.70	-0.08
San Gold Res	SGR	11986	2.25	2.04	2.14	+ 0.10
RomarcoMnrls	R	6985	0.65	0.56	0.65	+ 0.08
Dumont Nickel	DNI	6861	0.04	0.02	0.03	+ 0.01
KWG Res	KWG	6302	0.04	0.03	0.03	0.00
Largo Res	LGO	5663	0.14	0.09	0.09	-0.03
Sage Gold	SGX	5572	0.07	0.06	0.06	0.00
Thelon Vent	THV	5260	0.05	0.03	0.04	+ 0.01
Avion Res	AVR	5036	0.46	0.32	0.34	-0.07

TSX-V greatest percentage change
		VOLUME	WEEK
		(000s)	HIGH	LOW	CLOSE	CHANGE
Soltoro	SOL	278	0.35	0.08	0.25	+212.5
Mineral Hill	MHI	144	0.10	0.04	0.08	+166.6
Black Panther	BPC	56	0.20	0.14	0.20	+122.2
Confedertn Mls	CFM	83	0.12	0.08	0.11	+120.0
Meritus Mnls	MER	10	0.10	0.09	0.10	+100.0
Asian Minl Res	ASN	60	0.18	0.08	0.18	+100.0
Stealth Mnls	SML	190	0.02	0.02	0.02	+100.0
Duncan Park H	DPH	1000	0.02	0.01	0.02	+100.0
Allyn Res	ARR	603	0.06	0.03	0.06	+100.0
Mantra Mng	MAN	140	1.20	0.51	1.00	+ 88.6
Strike Minls	STK	35	0.04	0.03	0.03	-57.1
Archangel Dia	AAD	430	0.05	0.03	0.04	-50.0
Garrison Intl	GAU	191	0.03	0.01	0.02	-50.0
Tanqueray Res	TQY	234	0.03	0.01	0.01	-50.0
Noble Metal Gr	NMG	88	0.09	0.05	0.05	-44.4
Mexivada Mng	MNV	531	0.10	0.07	0.07	-41.6
Odin Mining	ODN	119	0.06	0.06	0.06	-40.0
Maxy Gold	MXD	159	0.11	0.06	0.06	-40.0
Manson Creek	MCK	126	0.06	0.04	0.05	-37.5
Bellhaven Cp&G	BHV	55	0.12	0.09	0.09	-35.7

TSX-V greatest value change
WEEK
		VOLUME	CLOSE	CHANGE
Mantra Mng	MAN	139900	1.00	+ 0.47
Exeter Res	XRC	297445	3.58	+ 0.33
Contintl Mnls	KMK	792755	1.03	+ 0.20
Underworld Res	UW	583995	0.96	+ 0.18
Soltoro	SOL	277550	0.25	+ 0.17
Clifton Star	CFO	114889	3.30	+ 0.17
Anfield Vent	ANF	341000	1.40	+ 0.15
Azimut Expl	AZM	166800	0.58	+ 0.14
Contintl Nickl	CNI	12600	0.74	+ 0.14
Rainy River Rs	RR	587325	2.74	+ 0.13
Intl Tower Hil	ITH	695445	3.20	-0.40
Anooraq Res	ARQ	94450	0.99	-0.25
Chesapeake Gld	CKG	98615	4.56	-0.17
Rockgate Cap	RGT	2111859	0.52	-0.13
Strathmore Min	STM	1080711	0.49	-0.11
Rodinia Minls	RM	223060	0.35	-0.11
Goldsource Min	GXS	357023	1.31	-0.09
Gold-Ore Res	GOZ	532681	0.47	-0.09
Adriana Res	ADI	131350	0.25	-0.09
Canadn Shield	EXP	154483	0.80	-0.08