TSX Venture Exchange

The S&P/TSX Venture Composite Index slipped 5.55 points during the period to end at 1,190.64 points after two days of losses outweighed three days of gains. Volume was down considerably, coming in 20 million shares lower than the week before on 53.3 million average shares traded daily.

With established revenue, and being somewhat isolated from operational risks, gold-streamer Sandstorm Gold has weathered the economic downturn better than most. It was the week’s biggest value gainer, climbing 67¢ to $9.35 after releasing second-quarter results. The company had record operating cash flow of US$11.3 million, net income of US$5.3 million and average cash cost of US$298 per oz. gold for its record 9,259 oz. gold sale. Sandstorm also secured several new royalties in the period, and set its forecast attributable production for the year at between 28,000 and 33,000 oz. gold.

Argentina-focused Lumina Copper managed a 39¢ gain to end at $7.87 after partially reversing a five-day losing streak. On July 18 the company ended at $8.49, but by July 24 it fell to $6.85, its lowest level since October. Investors piled back into the stock and reversed the streak, but only to a point. The company’s stock has been under severe pressure following a deteriorating investment climate in Argentina and the general downturn, and is now well off its all-time high of $17.16 reached in late March.

Canamex Resources is the highest-traded company again, with 22.1 million shares traded. The week before, the company announced an 118-metre intercept grading 4.08 grams gold per tonne on its Bruner project in Nevada, and subsequently climbed 29¢ to 39¢. Capitalizing on its share price gain, the company quickly announced a $2.7-million financing at 27¢ per unit, with a unit comprised of a share and a warrant exercisable at 40¢ for five years. During the latest period the company’s share price slipped from 39¢ to a low of 25¢, but climbed back to end at 30¢ on news of the financing.

Anconia Resources’ share price climbed steeply on no news, doubling to 30¢ with 1.4 million shares traded. The company has base and precious metal projects in Nunavut and Ontario, and announced in mid-July that it plans to drill up to 1,500 metres on the Marce volcanogenic massive sulphide target in Nunavut that it sampled last year. The company has 38.5 million shares outstanding after raising $1.6 million, though it originally set out to raise $4 million in February. Anconia financed at 20¢ per unit and traded as high as 45¢ last September, but hit a low of 8¢ in early July before its climb.

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