CDNX surges on high-tech trading

The Canadian Venture Exchange continued to defy gravity during the report period ended Jan. 18, as internet and high-tech stocks dominated the most active list. The index surged 131.47 points, or 5%, to close at an all-time high of 2,611.45.

Pan Asia Mining continued to trade on heavy volume, tacking on 12 to close the week at 25. The junior is working on the first phase of development of the 701 Changma diamond mine in China.

Minera Andes closed at 36, up 17. The company is gearing up to start a 2,000-metre program of reverse-circulation drilling on its Huevos Verdes gold-silver target in southern Argentina. The prospect is one of nine geologic targets discovered on the northern portion of the company’s wholly owned El Pluma-Cerro Saavedra epithermal property.

Silver Standard Resources jumped 8 to close at $1.70. The company announced bonanza silver grades at its Manantial Espejo silver-gold project in southern Argentina. The best intecept cut 36 oz. silver per ton over a 19.4-ft. interval. Silver Standard can earn a half-interest in Toronto-listed Black Hawk Mining’s 80% share of the property. Toronto-listed Barrick Gold holds the remaining 20%.

Gabriel Resources lost 20 to close at $2 over the report period. The gold explorer received a positive prefeasibility report on the Rosia Montania property in Romania and is now working on a bankable feasibility study.

Getting a boost after announcing that drilling has resumed on the Sierra de las Minas gold property in Argentina, Golden Peaks Resources climbed 3 to close at 68.

Cantex Mine Development seems to be losing its grip on the market as investors await drill results from the Al Hariqah gold prospect in Yemen. The Charles Fipke-led junior dropped 3 to close at 53.

Birch Mountain Resources closed the week at $2.30, down 65. The Calgary-based company’s stock has been coming under selling pressure ever since a well-known stock newsletter writer mentioned that the vice-president of exploration had referred to esoteric scientific theories “that make your hair stand on end.” Birch Mountain holds a large land position in Alberta’s Athabasca Basin, where it has a new theory for sediment-hosted precious metals deposits.

Spider Resource gained 2 and closed at 11 on high-volume trading. The junior diamond explorer holds an interest in the Alto Paranaiba project in Brazil. Project partners include Montreal-listed Line Islands Explorations and CDN-listed KWG Resources. To date, drilling has tested 6 km on the property. The results of microdiamond analyses are still pending.

Anooraq Resources tacked on 15 to close at $1.20. The Hunter-Dickinson-led company is gearing up for a drill campaign on its Platreef platinum-palladium property in South Africa’s Bushveld complex.

Altoro Gold lost 14 to close at 25. The company recently released the first batch of drill results from its Pedra Branca platinum-palladium project near Forteleza, Brazil. The absence of high-grade assay values disappointed market expectations. The remaining drill results are expected shortly.

Barramundi Gold closed at 15, up 7. Newmont Exploration of Canada, a wholly owned subsidiary of Newmont Mining, has exercised its share purchase warrants to acquire 1.25 million flow-through shares in Barramundi for gross proceeds of $500,000. The funds will be used to explore the company’s Longline project in the Yukon. Newmont stands to earn a 51% interest in the property by spending an additional $4 million.