TSX VENTURE EXCHANGE SEPT. 16-22

The Sept. 16-22 trading session started badly for the S&P-TSX Venture Exchange, but ended better with news of the U. S. government’s planned bailout package likely reversing early losses. After shedding more than 70 points on the first day of the session, the Venture board posted four consecutive days of modest gains to end the week up 41.18 points to close at 1,575.99 points. Trading volume was brisk, coming in at an average of about 77 million trades per day.

But still, the chill of investor risk-aversion permeated the board. Although not quite as bad as the week before, the session saw 581 companies reach new lows and only two achieve highs.

Andina Minerals was one of the lucky that had a good week, up 29 on moving about 9.5 million shares, the second-highest trading volume of the week. During the period, Andina announced it started a headhunt for a senior mine development professional to spearhead economic studies of its Volcan gold project, in Chile. Andina has pegged resources at Volcan at 242 million measured and indicated tonnes grading 0.85 gram gold per tonne.

The largest gainer of the week in terms of share price was Chesapeake Gold. It was up 92 to close at $5.50 on a volume of 663,000 shares traded. Although it didn’t release any news, it is best known for its Metates gold property in Durango state, Mexico.

Exeter Resource, with as much as 3.55 metres grading 471.9 grams gold per tonne drilled at its Cerro Moro property in Patagonia, Argentina, gained 58 to close at $2.38. The property is one of 12 of its epithermal gold and silver properties.

San Gold, coming off a tough week that saw it lose 31, had a better go of it this time round. With 6.2 million shares traded, it posted a 29 gain to close at $1.35. The move was in part a delayed reaction to drill results from its Rice Lake project, in Manitoba, which included 2.7 metres grading 51.4 grams gold, and also came on news of a $20-million bought-deal financing. Dundee Securities and a syndicate of underwriters will buy 13.4 million flow-through common shares at $1.50 each.

U. S. Silver also reversed fortunes from one week to the other, gaining 11 on a volume of shares traded near 5 million. The most traded company was Dynamite Resources with a weekly volume of almost 14 million shares. It ended the period down 1 to close at 12 without releasing any news.

One trend remained particularly true this week: there were many losers without any news. Anooraq Resources lost 32 to close at $1.28. Dundarave Resources lost 30 to close at $1.28. Macarthur Minerals lost 25 to close at $1.40. And the list goes on.

As for those with news, Continental Nickel was one of the biggest losers, dropping 25 to close at $1.99 as it announced drilling as much as 7.46% and 2.04% copper over 6.35 metres at its Nachingwea project in Tanzania.