Slumping gold weighs down Venture exchange

Vancouver — Investors shied away from Canada’s junior exchange as the S&P composite index continued its bumpy slide over the week ended July 30. The TSX Venture Exchange shed 32.83 points, or 3.13% of its value, to close at 1014.32.

American Bonanza Gold Mining lost 21 and closed at 14 with 3.2 million shares changing hands. The junior recently inked a deal whereby Mask Resources can acquire up to 49% of American Bonanza’s wholly owned Gold Bar and Pamlico projects in Nevada. In order to earn its interest, Mask must pay $100,000 in cash and issue 800,000 Mask shares, as well as fund exploration expenditures of $3.6 million over three years. American Bonanza retains a 19% back-in right.

International Wayside Gold Mines remained steady at 19 with 2.3 million shares traded. The junior recently tabled assay results from four diamond drill holes completed on Island Mountain, near Wells, B.C. The best results were associated with quartz veins in the Rainbow unit, and include 1 ft. grading 0.567 oz. gold per ton and 1 ft. of 2.014 oz. gold in hole 2, and 6 ft. of 0.203 oz. gold in hole 4.

Mishibishu Gold traded just over 2 million shares, climbing 6 to 11. Parent company Windarra Minerals sold its 40% holding in Mishibishu to five private investors earlier this month. In April, Mishibishu concluded an agreement to take up Windarra’s interest in the Tulks South base metal project in central Newfoundland by spending just under $1.4 million on exploration.

Pan Asia Mining lost a penny and closed at 3 with 1.9 million shares traded. The company can acquire 50% contractual interests in four joint-venture companies in China’s Shandong province. The joint-venture companies own a diamond mine, two diamond exploration properties, and a copper-gold exploration property.

IBI tacked on 2 and closed at 6 on 1.7 million shares. The company owns and operates the Namekara vermiculite project in Uganda. Vermiculite is a low-cost industrial mineral which resembles mica in appearance and is used in hydroponics for growing plants, as insulation, as a component of cement and concrete, and in brake-liners. It is also used in the manufacture of vitamins.

Western Pacific Gold finished at 2, down 1 on 1.6 million shares. The Edmonton-based company has canceled two previously announced private placements worth $500,000, owing to recent turbulent market conditions. The junior will try to raise up to A$500,000 through its wholly owned Australian subsidiary, D’Aguilar Gold, by way of an initial public offering in Australia.

Masuparia Gold ended the week at 8 down 2 on 1.5 million shares. The junior has been exploring the Greywacke gold project, just north of La Ronge, Sask.

Anooraq Resources closed up 5 to 84 with just over 1 million shares traded. The Hunter-Dickinson-led junior’s joint-venture partner on the Rietfontein platinum group metal prospect in South Africa had intersected rocks identified as the favourable Platreef horizon. Assay results are pending.

National Gold closed down a penny to 35 on 924,000 shares. The company’s joint- venture partner, Alamos Minerals, is drilling the Salamandra property in Mexico.