Venture slips 15 points in June 25 to 29 period

VANCOUVER — The S&P TSX Venture Composite Index declined for another week in the June 25-29 period, though losses were limited to 15.04 points after a late rebound that had the index close at 1,190.99 points. Volume climbed by a few million compared with the week before to an average of 65 million shares traded daily.

Barkerville Gold Mines came out on top for the period after releasing a resource estimate on the last day of trading that seemed almost too good to be true. Geologist Peter T. George estimates that Barkerville’s Cow Mountain deposit holds 62.6 million tonnes grading 5.28 grams gold per tonne for 10.6 million oz. gold, compared to about half-a-million-oz. in a previous 2006 estimate on the project. George also put out a geologic potential estimate on a stretch of the company’s property in central British Columbia stating that it could host up to 90 million oz. gold. On news of the resource the company’s share price climbed 40¢ with 7.2 million shares traded on the day, while ending up 46¢ at $1.21 with 8.7 million shares traded.

Bear Creek Mining was a close second in value gains, climbing 40¢ to end at $2.85 with 645,000 shares traded. The company released no news in the week, and has released no project or exploration news all year. Bear Creek announced the results of a feasibility study for its Corani project back in November, while its Santa Ana project remains in limbo. The company completed phase II drilling on its Tassa silver-gold project in the first quarter of the year but has yet to release the results, while it planned to initiate permitting for Corani in the second quarter.

Lion One Metals managed third in the value gains, climbing 10¢ to end at 80¢ with about 100,000 shares traded. The company released no news in the period, but did announce late the week before that it had appointed Hamish Greig vice president and corporate secretary, and that he would join the board of directors. The company started drilling its Tuvatu gold project at the beginning of June.

Geodex Minerals was the most active stock with about 11.1 million shares traded in the week out of a total pool of 113.7 million shares. The activity, however, resulted in a loss of three-quarters of its value as the stock price plunged from 8¢ to end at 2¢. The two weeks before Northcliff Resources completed a 70% earn-in of Geodex’s Sisson tungsten-molybdenum property in New Brunswick, while last week Northcliff bought the remaining 30% for 16 million Northcliff shares, $1 million cash, and a return of 3.3 million Geodex shares for cancellation.

Pacific Wildcat Resources fared only slightly better than Geodex, losing two-thirds of its value as the company’s share price dropped from 21¢ to 7¢ with 1.1 million shares traded. The company ran into trouble as it tried to find enough funds to buy the 70% indirect interest in the Mrima Hill niobium and rare-earth project in Kenya, announcing on June 26 that one of its financing options had fallen through. On July 3 the company announced it would acquire the interest for 92.6 million shares and $775,000 in a convertible note, sending the share price up 7¢ to 14¢.