In spite of a strengthening gold price, market attention continues to focus on uranium, helping to drive the TSX Venture Exchange Composite Index up 118.64 points to 3,122.93 over the Feb. 13-19 trading session. Average daily volume rose to slightly more than 100 million shares from 97.8 million last week.
For the second week in a row, UrAsia Energy led the most-active list, rising 96 to $7.44 on trading volume of 6.2 million shares. UrAsia is the target of a $3.1-billion all-stock takeover by Toronto-based SXR Uranium One, a move that will allow the combined entity to rival uranium industry leader Cameco for production once its five mines are fully operational.
Majescor Resources was also active, after agreeing to option up to a two-thirds (just over 66%) interest in the uranium rights on its Lac Laparre property to a joint venture comprised of Santoy Resources and Melkior Resources. The project is located in Quebec’s Otish Mountains.
The terms of the deal call for an exploration work commitment of $2.5 million over five years (with a guaranteed minimum of $300,000 in the first year) and an upfront cash payment of $50,000. It will also see the issuance of 200,000 shares by Melkior and 60,000 Santoy shares in tranches over a 1-year period. Majescor rose 13 to 27 on the news, on trading volume of 3.5 million shares.
On the precious metals front, spot gold rose to US$671.10 per oz. from US$662.10 during the session. Active stocks, included Searchgold Resources, which rose 7 to 26 after releasing initial results from a 54-hole (4,300-metre) drill program on its Mandiana gold property in Guinea, West Africa.
Highlights from the first 12 holes included a 22-metre intercept grading 9.76 grams gold per tonne (from 50 metres below surface) in hole NDI-002.
Aurelian Resources led the list of value gainers, rising $4.59 to $29.59 even though the company had no news to report during the period, aside from the filing of its 2006 financial statements. Last November, when the company raised $75 million for exploration and development in Ecuador, Aurelian’s stock price was approaching $40.00. Drill results from the Fruta Del Norte (FDN) zone at its Condor gold-silver project suggested that it could be one of the best discoveries of the past decade, according to analyst Don Poirier of Blackmont Capital.
However, enthusiasm has been tempered by Ecuador’s political switch to the left following the election of 43-year-old economist Rafael Correa as president of the South American country.
In Mexico, First Majestic Silver is promising to produce 5 million oz. silver this year, with the lion’s share coming from its La Parrilla and San Martin mines. The stock rose $1.13 to $5.98. Two weeks ago, First Majestic said construction of a new 800 tonne-per-day mill at La Parrilla was complete. It said two different circuits had been installed and commissioned: a 400-tonne-per-day cyanidation circuit and a 400-tonne-per-day flotation circuit.
TSX-V greatest percentage change
VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | |||
Majescor Res | MAJ | 35377 | 0.285 | 0.14 | 0.275 | + | 89.6 |
Odyssey Res | ODX | 9442 | 0.245 | 0.12 | 0.20 | + | 66.6 |
Baltic Res | BLR | 1267 | 0.39 | 0.23 | 0.37 | + | 54.1 |
J.A.G. Mines | JML | 905 | 0.245 | 0.14 | 0.245 | + | 53.1 |
Coniagas Res | CNY | 90 | 0.35 | 0.225 | 0.34 | + | 51.1 |
Cantex Mn Dev | CD | 13088 | 0.14 | 0.08 | 0.12 | + | 50.0 |
Golden Hope | GNH | 1229 | 0.74 | 0.49 | 0.74 | + | 48.0 |
Monster Copper | MNS | 1731 | 0.78 | 0.485 | 0.71 | + | 47.9 |
Geologix Ex | GIX | 1870 | 1.16 | 0.80 | 1.12 | + | 40.0 |
Millstream Min | MLM | 6580 | 0.415 | 0.245 | 0.39 | + | 39.2 |
Northern Crown | CXP | 3926 | 0.08 | 0.05 | 0.06 | – | 36.8 |
Luxor Ind | LRL | 22 | 0.065 | 0.045 | 0.045 | – | 35.7 |
Terra Nova Gld | TGC | 61 | 0.075 | 0.045 | 0.045 | – | 35.7 |
Ultra Uranium | ULU | 2994 | 1.63 | 1.01 | 1.10 | – | 31.2 |
Orsa Vent | ORN | 105 | 0.295 | 0.255 | 0.255 | – | 29.1 |
Carlin Gold | CGD | 27 | 0.275 | 0.24 | 0.255 | – | 29.1 |
Tanqueray Res | TQY | 223 | 0.11 | 0.085 | 0.11 | – | 24.1 |
Vault Minerals | VMI | 604 | 0.38 | 0.24 | 0.28 | – | 23.2 |
Tsodilo Res | TSD | 11 | 0.60 | 0.60 | 0.60 | – | 20.0 |
Dajin Res | DJI | 190 | 0.27 | 0.22 | 0.25 | – | 19.3 |
TSX-V greatest value change
VOLUME | CLOSE | CHANGE | |||
Aurelian Res | ARU | 1079215 | 29.59 | + | 4.59 |
First Majestic | FR | 1108512 | 5.98 | + | 1.13 |
UrAsia Energy | UUU | 61878994 | 7.44 | + | 0.96 |
Mishibishu Gol | MGO | 1248843 | 5.30 | + | 0.91 |
Sabina Silver | SBB | 4504321 | 3.25 | + | 0.89 |
Northland Res | NAU | 1153565 | 3.05 | + | 0.78 |
Liberty Mines | LBE | 3040729 | 3.50 | + | 0.70 |
Strathmore Min | STM | 2214118 | 4.82 | + | 0.70 |
Strateco Res | RSC | 5885084 | 3.70 | + | 0.67 |
Tournigan Gold | TVC | 8462807 | 3.50 | + | 0.65 |
Mansfld Mnrls | MDR | 295743 | 3.20 | – | 0.55 |
Ultra Uranium | ULU | 2993674 | 1.10 | – | 0.50 |
Dynasty Met&Mn | DMM | 399633 | 3.96 | – | 0.34 |
Pan African Mg | PAF | 94650 | 2.65 | – | 0.32 |
Rainy River Rs | RR | 590651 | 4.19 | – | 0.21 |
Aurcana Corp | AUN | 3797779 | 1.33 | – | 0.20 |
Asia Gold | ASG | 43700 | 2.10 | – | 0.20 |
Columbus Gold | CGT | 257931 | 1.55 | – | 0.20 |
Norwood Res | NRS | 4085597 | 2.10 | – | 0.20 |
Callinan Mns | CAA | 398375 | 1.23 | – | 0.20 |
TSX-V most active issues
VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | |||
UrAsia Energy | UUU | 61879 | 7.45 | 6.31 | 7.44 | + | 0.96 |
Searchgold Res | RSG | 46993 | 0.29 | 0.19 | 0.26 | + | 0.07 |
Majescor Res | MAJ | 35377 | 0.285 | 0.14 | 0.275 | + | 0.13 |
Tribute Minls | TBM | 16455 | 0.42 | 0.285 | 0.35 | + | 0.065 |
Alexis Minls | AMC | 13112 | 1.45 | 1.06 | 1.15 | – | 0.10 |
Cantex Mn Dev | CD | 13088 | 0.14 | 0.08 | 0.12 | + | 0.04 |
Golden Cariboo | GCC | 10028 | 0.12 | 0.07 | 0.085 | + | 0.02 |
Odyssey Res | ODX | 9442 | 0.245 | 0.12 | 0.20 | + | 0.08 |
Tournigan Gold | TVC | 8463 | 3.50 | 2.83 | 3.50 | + | 0.65 |
Millstream Min | MLM | 6580 | 0.415 | 0.245 | 0.39 | + | 0.11 |
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