The S&P/TSX Venture Composite Index registered a modest 5.2-point gain en route to a 1,017.44-point close. Markets were buoyed by an increase in base metal and energy futures, though analysts noted light mid-year trading volumes.
September contracts for copper jumped 2%, or US6.5¢, before closing at US$3.25 per lb. Crude oil was also on the rise, with September contracts for West Texas Intermediate gaining US39¢ en route to a US$102.09-per-barrel close. Meanwhile, December contracts for gold bullion lost US$6 before closing the week at US$1305.30 per oz.
Gold Reserve led the value-added category during the week after updating its arbitration claim against Venezuela. The company gained 71¢ on 93,230 shares traded before closing out the trading period at $4.36 per share. In October 2009 Gold Reserve filed a claim with the World Bank’s International Centre for Settlement of Investment Disputes.
The company had been advancing its Brisas gold project in the state of Bolivar towards production before the Venezuelan government announced it would seize control of the asset. Gold Reserve claims it is owed US$2.1 billion for Brisas and its earlier-stage Choco 5 project. On July 23 Gold Reserve reported that the proceedings had closed, it expects an award decision soon.
Odin Mining and Exploration rose after announcing a US$5-million private placement. The company gained 28¢ on 122,320 shares traded before closing at 62¢ per share.
On July 22 Odin closed a non-brokered placement wherein it issued 95 million shares at 5.6¢ per share. Ross Beaty acquired 26.4 million shares in the placement, which represents 22.1% of the company’s outstanding shares, bringing his equity stake in Odin to more than 50%. Odin’s flagship asset is the Greater Cangrejos gold–copper porphyry property in Ecuador.
Junior Catalyst Copper got a boost after some established mining entrepreneurs took major equity positions in the company via a US$1.4-million financing. Catalyst was up 142%, or 24¢ during the period, en route to a 40¢-per-share close. On July 21 the company announced it had completed a non-brokered private placement wherein it issued 20 million units at 7¢ per unit.
Augusta Resource’s Richard Warke now controls 17% of Catalyst’s outstanding shares, and could increase his holdings to 29% by exercising warrants. Goldcorp chairman Ian Telfer grabbed a 19% stake in Catalyst — and could up that interest to 32% with warrant exercises — while Frank Giustra now owns 13%. Catalyst holds an 80% interest in the La Verde copper porphyry project, 320 km west of Mexico City.
TSX-V most active issues
| Volume | |||||||
| Company | Symbol | (000s) | High | Low | Close | Change | |
| Red Pine Expl | RPX | 18250 | 0.03 | 0.02 | 0.02 | 0 | |
| Sunset Cove Mg | SSM | 6347 | 0.02 | 0.01 | 0.01 | + | 0.01 |
| Caribou King R | CKR | 5509 | 0.03 | 0.01 | 0.03 | + | 0.01 |
| Condor Res | CN | 5474 | 0.13 | 0.09 | 0.11 | – | 0.04 |
| Lomiko Mtls | LMR | 4937 | 0.06 | 0.05 | 0.06 | + | 0.01 |
| Alabama Graph | ALP | 4828 | 0.22 | 0.18 | 0.18 | 0 | |
| New Millennium | PGM | 4720 | 0.41 | 0.36 | 0.37 | – | 0.01 |
| Gold Bulln Dev | GBB | 4684 | 0.07 | 0.05 | 0.06 | + | 0.01 |
| Graphite One R | GPH | 4426 | 0.15 | 0.13 | 0.14 | – | 0.01 |
| Corsa Coal | CSO | 4301 | 0.24 | 0.22 | 0.24 | + | 0.01 |
TSX-V greatest percentage change
| Volume | |||||||
| Company | Symbol | (000s) | High | Low | Close | Change | |
| Abzu Gold | ABS | 45 | 0.22 | 0.14 | 0.15 | + | 625 |
| White Tiger Mg | WTC | 484 | 0.12 | 0.03 | 0.09 | + | 260 |
| Saville Res | SRE | 269 | 0.1 | 0.04 | 0.1 | + | 185.7 |
| Catalyst Coppr | CCY | 344 | 0.4 | 0.17 | 0.4 | + | 142.4 |
| Golden Peak Mn | GP | 38 | 0.16 | 0.08 | 0.16 | + | 128.5 |
| Orefinders Res | ORX | 92 | 0.16 | 0.08 | 0.16 | + | 113.3 |
| Pantheon Vent | PVX | 455 | 0.02 | 0.02 | 0.02 | + | 100 |
| Electra Gold | ELT | 283 | 0.1 | 0.05 | 0.1 | + | 100 |
| Central Iron O | CIO | 62 | 0.01 | 0.01 | 0.01 | + | 100 |
| Bell Copper | BCU | 141 | 0.03< /td> | 0.02 | 0.03 | + | 100 |
| RJK Explor | RJXA | 138 | 0.02 | 0.01 | 0.01 | – | 50 |
| Revolver Res | RZ | 124 | 0.01 | 0.01 | 0.01 | – | 50 |
| Trio Gold Corp | TGK | 14 | 0.01 | 0.01 | 0.01 | – | 50 |
| African Metals | AFR | 44 | 0.01 | 0.01 | 0.01 | – | 50 |
| Frontline Gold | FGC | 206 | 0.01 | 0.01 | 0.01 | – | 50 |
| Intl Bethl Mng | IBC | 229 | 0.01 | 0.01 | 0.01 | – | 50 |
| Castle Peak Mg | CAP | 307 | 0.02 | 0.02 | 0.02 | – | 40 |
| Oceanic Iron O | FEO | 23 | 0.35 | 0.24 | 0.24 | – | 33.3 |
| Blind Crk Res | BCK | 12 | 0.02 | 0.01 | 0.01 | – | 33.3 |
| Barker Mnrls | BML | 355 | 0.02 | 0.02 | 0.02 | – | 33.3 |
TSX-V greatest value change
| Company | Symbol | Change | Close | Change | |
| Gold Reserve | GRZ | 93223 | 4.36 | + | 0.71 |
| Lumina Copper | LCC | 1150627 | 10.67 | + | 0.32 |
| Northern Graph | NGC | 3584488 | 1.07 | + | 0.28 |
| Odin Mng & Exp | ODN | 122320 | 0.62 | + | 0.28 |
| Bacanora Mnls | BCN | 2444874 | 1.45 | + | 0.27 |
| Catalyst Coppr | CCY | 343663 | 0.4 | + | 0.24 |
| Lara Expl | LRA | 144469 | 0.83 | + | 0.15 |
| Great Quest Me | GQ | 200460 | 1.95 | + | 0.14 |
| Abzu Gold | ABS | 45470 | 0.15 | + | 0.13 |
| Mason Graphite | LLG | 1453098 | 0.78 | + | 0.12 |
| Athabasca Mnls | ABM | 1469850 | 2.37 | – | 0.55 |
| Zenyatta Vent | ZEN | 1201036 | 1.94 | – | 0.22 |
| Bear Creek Mng | BCM | 173431 | 3.04 | – | 0.19 |
| Titanium Corp | TIC | 267152 | 1.65 | – | 0.15 |
| Falco Pac Res | FPC | 426185 | 0.55 | – | 0.14 |
| Oceanic Iron O | FEO | 23115 | 0.24 | – | 0.12 |
| Pac Booker Min | BKM | 15895 | 4.9 | – | 0.11 |
| Feronia | FRN | 38936 | 0.8 | – | 0.1 |
| Northern Vertx | NEE | 75500 | 0.31 | – | 0.09 |
| Astur Gold | AST | 81659 | 0.28 | – | 0.08 |
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