The S&P/TSX Venture Composite Index rallied for a third straight week during the June trading period, gaining 2.9%, or 29.04 points, en route to a 1,206.37-point close. Commodity futures were on the rise across the board, with escalating violence in Iraq fuelling fears that the country could enter a full-out civil war and break apart. Meanwhile, The U.S. Federal Reserve said that interest rates would stay low, pushing the U.S. dollar down and driving demand for the precious metals.
August contracts for gold bullion hit a three-week high after jumping 3%, or US$38, and closing at US$1,316.60 per oz. Crude oil futures also finished in the green, with August contracts for West Texas Intermediate rising US21¢ en route to a US$106.83-per-barrel close. September contracts for copper gained 2.8%, or US8.6¢, before closing at US$3.12 per lb.
Ross Beaty’s Lumina Copper led the value-added category after base metals miner First Quantum Minerals made a friendly $470-million takeover offer for the company and its Taca Taca copper–gold–molybdenum project in Argentina’s Salta province. Lumina gained US$1.75 on 5.6 million shares traded, before closing at $9.65 per share.
The cash-and-share offer values Lumina at $10 per share, or a 34% premium to the company’s 20-day, volume-weighted average trading price, and a 28% premium to its June 16 close. Lumina shareholders can opt to exchange each share held for either $5 in cash and 0.2174 of a First Quantum share, 0.4348 of a First Quantum share and 1¢ in cash, or $10 in cash. Under the deal, First Quantum says it will offer a maximum of 9.7 million shares and $222.4 million in cash. The company already owns 2.5 million Lumina shares.
Explorer Zenyatta Ventures topped the value-lost category after updating its wholly owned Albany hydrothermal-style graphite discovery in northern Ontario. The company dropped 48¢ on 1.4 million shares traded, before closing at $2.49 per share.
On June 18 Zenyatta warned that it needed more time for its metallurgical bulk-sampling program on Albany’s East and West graphite pipes, which would likely delay its preliminary economic assessment. The company expects to know when the PEA will be completed in the next eight weeks.
Meanwhile, Zenyatta says its graphite marketing program has resulted in more than 20 confidentiality agreements with corporations and academic institutions in Asia, Europe and North America.
Junior Camino Minerals completed a 10 for 1 share consolidation that left the company with 10 million shares outstanding. Camino’s shares jumped 900% to 10¢, with the company trading around 70,000 shares during the week.
TSX-V most active issues
| Volume | |||||||
| Company | Symbol | (000s) | High | Low | Close | Change | |
| Unigold | UGD | 12860 | 0.05 | 0.03 | 0.04 | – | 0.01 |
| West Kirkland | WKM | 12392 | 0.13 | 0.1 | 0.13 | + | 0.01 |
| Explor Res | EXS | 6817 | 0.04 | 0.03 | 0.04 | + | 0.01 |
| KWG Res | KWG | 6499 | 0.07 | 0.06 | 0.07 | 0 | |
| Gold Bulln Dev | GBB | 6376 | 0.04 | 0.03 | 0.03 | 0 | |
| Temex Res | TME | 6339 | 0.09 | 0.07 | 0.08 | + | 0.01 |
| Lumina Copper | LCC | 5697 | 9.75 | 7.64 | 9.65 | + | 1.75 |
| True Gold Mng | TGM | 4934 | 0.45 | 0.41 | 0.43 | + | 0.01 |
| Avanti Mng | AVT | 4808 | 0.12 | 0.1 | 0.1 | – | 0.02 |
| Midlands Minls | MEX | 4240 | 0.03 | 0.03 | 0.03 | 0 | |
TSX-V greatest percentage change
| Volume | |||||||
| Company | Symbol | (000s) | High | Low | Close | Change | |
| Camino Mnls | COR | 70 | 0.1 | 0.1 | 0.1 | + | 900 |
| Tasca Res | TAC | 31 | 0.05 | 0.05 | 0.05 | + | 400 |
| Cascadero Copp | CCD | 2055 | 0.02 | 0.01 | 0.02 | + | 200 |
| Tiller Res | TIR | 112 | 0.4 | 0.2 | 0.4 | + | 196.3 |
| Iron Tank Res | TNK | 977 | 0.15 | 0.07 | 0.13 | + | 108.3 |
| Green Valley M | GVY | 51 | 0.01 | 0.01 | 0.01 | + | 100 |
| Intl Bethl Mng | IBC | 264 | 0.01 | 0.01 | 0.01 | + | 100 |
| Anglo Swiss | ASW | 1140 | 0.01 | 0.01 | 0.01 | + | 100 |
| African Metals | AFR | 47 | 0.01 | 0.01 | 0.01 | + | 100 |
| Blind Crk Res | BCK | 482 | 0.01 | 0.01 | 0.01 | + | 100 |
| Pac Wildcat Re | PAW | 828 | 0.03 | 0.02 | 0.02 | – | 50 |
| Sunset Cove Mg | SSM | 10 | 0.01 | 0.01 | 0.01 | – | 50 |
| Trio Gold Corp | TGK | 31 | 0.01 | 0.01 | 0.01 | – | 50 |
| Frontline Gold | FGC | 193 | 0.01 | 0.01 | 0.01 | – | 50 |
| Jasper Mng | JSP | 190 | 0.03 | 0.02 | 0.02 | – | 40 |
| Altan Nev Mnls | ANE | 32 | 0.04 | 0.03 | 0.03 | – | 40 |
| New Destiny Mg | NED | 137 | 0.04 | 0.03 | 0.03 | – | 37.5 |
| Vega Mng | VMI | 804 | 0.03 | 0.03 | 0.03 | – | 37.5 |
| Prominex Res | PXR | 125 | 0.03 | 0.03 | 0.03 | – | 37.5 |
| Gentor Res | GNT | 795 | 0.05 | 0.04 | 0.04 | – | 36.3 |
TSX-V greatest value change
| Company | Symbol | Change | Close | Change | |
| Lumina Copper | LCC | 5696888 | 9.65 | + | 1.75 |
| Bear Creek Mng | BCM | 2490789 | 3.02 | + | 0.67 |
| Avino Silver | ASM | 369042 | 2.6 | + | 0.55 |
| Probe Mines | PRB | 879395 | 2.66 | + | 0.28 |
| Tiller Res | TIR | 112000 | 0.4 | + | 0.27 |
| Atacama Pac Gd | ATM | 877930 | 0.93 | + | 0.26 |
| Titanium Corp | TIC | 289771 | 1.74 | + | 0.24 |
| Atac Res | ATC | 870105 | 1.29 | + | 0.2 |
| Reservoir Mnls | RMC | 201884 | 6.31 | + | 0.19 |
| Highway 50 Gld | HWY | 143000 | 0.45 | + | 0.15 |
| Zenyatta Vent | ZEN | 1369034 | 2.49 | – | 0.48 |
| Aston Bay | BAY | 152000 | 0.33 | – | 0.11 |
| Fission Uran | FCU | 2189306 | 1.18 | – | 0.08 |
| Tasman Metals | TSM | 207161 | 1 | – | 0.08 |
| Anfield Res | ARY | 77000 | 0.36 | – | 0.08 |
| Northern Vertx | NEE | 495000 | 0.32 | – | 0.08 |
| WCB Res | WCB | 34000 | 0.35 | – | 0.08 |
| North Arrow Mn | NAR | 70265 | 0.73 | – | 0.07 |
| Taipan Res | TPN | 2282438 | 0.43 | – | 0.07 |
| Olivut Res | OLV | 73825 | 0.21 | – | 0.06 |
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