TSX Venture finishes in the green, April 13-17

The S&P/TSX Venture Composite Index rallied during the trading sessions, gaining 3.97 points en route to a 702.85-point weekly close. Statistics Canada reported that the consumer price index gained 0.4% last month, after a 0.2% jump in February. Meanwhile, U.S. reports indicated the number of Americans filing for unemployment benefits rose to 294,000, raising doubts over the stability of the country’s labour market.

Gold futures were on the decline, with June contracts for bullion surrendering US$1.50 before finishing at US$1,203.10 per oz. Energy markets strengthened, as June contracts for West Texas Intermediate crude oil rose 7.1%, or US$3.81, en route to a US$57.32-per-barrel close. May contracts for copper gained 1.6%, or US3.7¢, before finishing at US$2.77 per lb.

Rare earths outfit Tasman Metals posted strong gains after releasing its interim financials. The company gained 13¢ on 314,000 shares traded before closing at 71¢ per share.

On April 13 the company reported its interim financials, which detailed $3.5 million in cash. In late March Tasman filed a prefeasibility study on its Norra Karr heavy rare earth element project in Sweden, which would carry a US$378-million developmental price tag.

The project boasts more than half a century of unconstrained mine life and features a US$313-million after-tax net present value at a 10% discount rate, along with a 20% internal rate of return. Under Tasman’s mine plan, Norra Karr would produce more than 200 tonnes of dysprosium oxide per year for at least 20 years.

Great Western Minerals topped the volume-traded category after updating its reports. The company saw nearly 15 million of its shares change hands, though its share price stayed the same at 1¢.

On April 14 Great Western followed up on a March report that it couldn’t file its annual audited financials, management discussion and analysis by the deadline. The Financial and Consumer Affairs Authority of Saskatchewan issued a management cease trade order in early April.

The company reported on April 14 that it was locked in restructuring discussions, with US$90 million in secured bonds bearing an 8% interest and due in 2017.

Explorer Cornerstone Capital also saw heavy trading after a flurry of news about its Cascabel copper-gold porphyry joint venture in northern Ecuador. The company saw 9.6 million of its shares change hands, losing 0.5¢ before closing at 4.5¢ per share.

Cornerstone reported drilling had begun at Cascabel on hole 11, and announced a letter of intent with Ecuador’s state mining company to explore gold and copper properties using its geological database.