TSX Venture down with commodities, May 1-5

The S&P/TSX Venture Composite Index shed 25.05 points to a 781.72-point close over the trading week, as spot gold prices plunged US$40.27 to US$1,228.01 per oz., and Comex copper prices fell 8¢ to $2.53 per pound.

Shares of Rio2, formerly Prospector Resources, gained 15¢ to $1.65 during the trading period. On Apr. 11, the company entered into a mining assignment and an option agreement with a Peruvian polymetallic miner Milpo S.A.A, to acquire seven gold exploration prospects totaling 190 sq. km in Peru. Under the agreement, Rio2 is required to spend US$5 million over 36 months and grant Milpo a 2% net smelter royalty.

Newrange Gold gained 12¢ to 44¢ per share on news of closing a $1.5 million non-brokered private placement, which saw 5.2 million shares traded at 30¢ per unit. Each unit consists of one common share and one warrant, which is exercisable within two years at 45¢ per share. The company intends to use the funds for an upcoming drill program, along with surveying, mapping and geochemical sampling, at its flagship Pamlico gold project in Nevada.

Kennady Diamonds fell 44¢ to $3.15 per share. On Apr. 28, the company announced the terms of a non-brokered $10 million private placement. The placement would issue both common and flow-through shares, at a price of $3.25 and $4.38 per share, respectively. The company plans to use the proceeds to fund exploration and evaluation programs at its flagship Kennady North diamond project and elsewhere on its 671.6 sq. km property in the Northwest Territories.

Shares of Amex Exploration rose 10¢ to 37¢ after the company entered into an agreement with a private vendor to acquire the Gowan copper-zinc property, 16 km east of Glencore’s Kidd Creek copper-zinc mine in Ontario. The property, which hasn’t been explored since the 1970s, covers a package of volcanic rocks prospective for volcanogenic massive sulphide deposits similar to Kidd Creek. Amex intends to conduct geophysical surveys to evaluate the potential for mineralization at depth, and follow up on the targets with drilling. Amex can earn 100% in the property by issuing the private vendor 400,000 shares and making cash payments totaling $20,000. Toronto-based

Canuc Resources rose 8¢ to 52¢ per share. On Apr. 13, the company announced results of a prospecting and sampling program at its San Javier silver-gold project in Mexico. The company identified a 200-metre-wide mineralized “corridor” that extends for 3 km across the property area. One of the mineralized zones identified, the Colorado Zone, returned an 11.2-metre composite sample of 284 grams silver per tonne, while the Carranza Zone cut 11 metres of 238 grams silver. Canuc is also active in the development of a natural gas field in central-west Texas, where it has seven producing gas wells.