Summertime, and the trading is easy

TSX VENTURE EXCHANGE

Vancouver — The onset of summer and a long holiday weekend translated into a relatively quiet trading session on the TSX Venture Exchange for the report period ended July 4. While energy stocks dominated the big board, junior companies with exposure to copper seemed to attract the most interest among investors. Copper prices have been robust of late, partly owing to strikes and labour issues at several mines, notably ones in South America.

The S&P Venture composite index gained 17.46 points to close at 1,720 over the shortened trading period; however, volumes were light, averaging 28.4 million shares, compared with 34.3 million in the previous report period.

Mustang Minerals galloped to the top of the most-active list, up 22 at $1.49. The junior is exploring a nickel/copper/platinum-group-metal project in eastern Manitoba. A recent round of drilling at the Maskwa-Mayville project returned encouraging results, and more drilling is planned.

Freewest Resources took second place on the most-active list but lost some of its previous gains to settle at 41, down 2 from a week ago. The company is exploring the Sungold copper-zinc project in the Shebandowan district of northwestern Ontario. Mapping and geophysical programs have better defined the mineralized horizon and outlined various targets, which will be tested in ongoing work programs.

Mongolian explorer Entre Gold was up 17, at $2.49, based on continued interest in the company’s Shivee Tolgoi copper-gold property, where senior partner Ivanhoe Mines is earning up to an 80% interest. The junior’s Ulziit Uul property, 120 km from Shivee Tolgoi, recently attracted the attention of mining giant Rio Tinto, which acquired a right of first refusal to the copper-gold property. Rio Tinto also picked up a 9.9% stake in Entre.

The top value-gainer was Seymour Exploration, which almost doubled to 78 after acquiring a property in the Lynn Lake mining district of northern Manitoba. The property covers the past-producing Lynn Lake nickel mine, which operated continuously from 1953 to 1976. A total of 20.1 million tons was mined at an average grade of 1% nickel and 0.53% copper. Seymour believes the project is prospective for new discoveries and recently inked a deal allowing Wallbridge Mining to earn a half-interest. Wallbridge will fund the initial $350,000 of exploration on the project.

Christopher James Gold jumped 17, to 44. The junior owns several base metal properties in British Columbia, notably ones that are prospective for porphyry copper deposits.

North American Tungsten also was ahead 17, at $1.52, based on its previously announced plans to revive the dormant Cantung mine in the Yukon later this summer. The mine closed in late 2003, owing to weak tungsten prices and the termination of offtake agreements with customers. Tungsten prices have since risen to record levels.

Skygold Ventures was ahead 6, at 29, after reporting encouraging drill results from the Spanish Mountain gold property in the Cariboo region of British Columbia. Among the results was an 86.5-metre intercept grading 1.3 grams gold per tonne, and 21.4 metres grading 4.33 grams gold.