Venture board posts sturdy gains

TSX VENTURE EXCHANGE

Strengthening uranium, base and precious metals prices fuelled the S&P-TSX Venture Composite Index’s 3.2% rally, up 54.95 points, to close the July 19-25 report period at 1772.89. Average daily trading volumes surged to almost 45 million shares over the session.

The gap between new lows versus highs narrowed slightly, with 26 companies rallying to new 52-week highs, whereas 92 TSX Venture-Exchange-listed explorers dipped to new annual lows.

The volume leader on the week, Boulder Mining, traded 7.6 million shares, consisting largely of a 6.7-million share cross, to close at 12.5 per share. The company is exploring its Indian River alluvial gold project in the Yukon. To establish a resource, the company plans to conduct test-pitting and bulk-testing.

Junior gold producer Century Mining watched as 6.6 million shares changed hands, including a 5.7-million share cross, to claim second spot on the weekly volume chart. The issue remained even at 35 per share. The company’s Sigma mine in Val d’Or, Que., began full commercial production in early June. Recent exploration has focused on potential high-grade gold zones adjacent to the operating open pit.

Uranium hunter Strathmore Minerals traded almost 5.4 million shares over the week to close up 9 at $1.55 per share. Its third-place finish among most- active issues included a 3.2-million share cross, coupled with continued investor interest fuelled by recent high-grade drill results from UEX, Strathmore’s neighbour on the Shea Creek uranium project in the Athabasca Basin.

Nevada gold explorer White Knight Resources traded more than 3.6 million shares, gaining 7 to close at $1.32 per share. Joint-venture partner Teck Cominco is gearing up to drill the Fye Canyon project in the Cortez Hills area of Nevada, following a recent detailed geophysical survey.

Soho Resources traded 3.3 million shares over the session, adding 3 to close at 28 per share. Drill results from its Tahuehueto gold-silver project in Durango state, Mexico, returned significant values including 6 metres of 4.8 grams gold per tonne and 546 grams silver. Work has focused on the El Creston structure en route to developing a resource calculation by late-2005.

Saskatchewan diamond and uranium explorer Consolidated Pine Channel Gold gained 75% over the week, up 6 to close at 14 per share on volume of almost 1.5 million shares.

Shares of Far West Mining shot up 50% over the session to grab 60, closing at $1.80, on volume of 1.3 million shares. After a near 3-week halt, its shares resumed trading following the release of significant copper drill intercepts from its Candelaria-area iron-ore-copper-gold project in northern Chile.

Amera Resources gave back some recent gains, losing 33%, or 31, to close at 63 per share. Results are expected soon from its projects in Peru and Nevada.

Democratic Republic of the Congo gold explorer Banro saw its shares rally $1.91 over the period, to close at $6.50 apiece. The company boosted its total measured and indicated gold resource by 21%, to 2.45 million contained oz., on four projects located in the DRC’s Twangiza-Namoya gold belt.

Shares of Energy Metals gained 63, or 26%, finishing the week at $3.03 per share. The company is acquiring advanced uranium projects in the western U.S., particularly those in Wyoming that are amenable to in situ leaching extraction.