CDNX sings summertime blues

Canada’s junior exchange lost ground over the report period ended July 11, with all indices lingering in negative territory. The Canadian Venture Exchange index dropped 99.38 points, or 2.8%, and closed at 3,372.99. The mining index followed suit and lost 38.8 points, or 0.9%, to finish at 4,265.26.

Copper Ridge Exploration saw its issue jump 11 and close at 28 on 1.1 million shares. The junior recently acquired an option from Toronto-listed Placer Dome and U.S. Steel Group (Cygnus Mines) to buy a 100% interest in the Howards Pass zinc-lead-silver deposit for $10 million over four years. The deposit, situated on the Yukon/Northwest Territories border, hosts an estimated resource of 110 million tonnes grading 7.7% combined zinc and lead with associated silver and cadmium.

Cantex Mine Development was this week’s volume leader, with 4.9 million shares changing hands. The junior’s issue lost 9 and closed at 61. The company recently inked an option deal with Toronto-listed Falconbridge whereby the major stands to earn a 60% interest in the Suwar nickel-copper-platinum group elements property in Yemen.

International Wayside Gold Mines lost 31 and closed at $1.04, on 2.8 million shares. After being halted for seven weeks at the request of the exchange, pending an operational audit, shares resumed trading on June 30. The company continues to explore its Bonanza Ledge gold discovery in the historic Cariboo mining district, near Wells, B.C. Wayside is also acquiring more ground in the area.

Shares in Inca Pacific Resources rose 1 on news that hole 13 on the Magistral copper skarn property in Peru cut 232 metres grading 1.2% copper. The junior closed at 73 with 330,000 shares changing hands. Anaconda Chile, which is running the exploration program, is required to drill at least 6,000 metres this year.

Starfield Resources tacked on 15 to closed the week at 98, with 2.1 million shares crossing the floor. The junior negotiated a private placement of 175,000 special warrants at 58 per unit, which will yield the company $101,500. The funds will be used as working capital and to finance exploration on the Ferguson Lake platinum-palladium-nickel-copper-cobalt property, 200 km west of Rankin Inlet, Nunavut.

Quaterra Resources added a penny to its value and closed at 20, with 2.2 million shares traded. The junior recently acquired the Nazaret and Dolores silver claims, west of Cerro San Gregorio in Mexico. The junior can buy the claims for US$40,000, to be paid over the next two years. Previous drilling by Kennecott and Western Copper on the Majada vein intersected narrow intercepts of high-grade silver, ranging up to 890 grams per tonne over 2 metres.

Altoro Gold tacked on 5 to close at 38. The junior announced it has entered into an agreement whereby Toronto-listed Solitario Resources will acquire all of the outstanding shares of Altoro at an exchange ratio of one share of Solitario for every three Altoro shares. Based on the closing stock prices on July 11, the offer reflects a 40% premium. Completion of the offer is subject to the receipt of 66.66% of all Altoro shares. Altoro’s two principal assets include the Pedra Branca platinum-palladium prospect in Brazil and the Rincon del Tigre PGE-nickel property in Bolivia. The junior also has four gold properties in Brazil.