TSX Venture Exchange

The S&P/TSX Venture Composite Index rallied to its highest level since July during the period, rising 42 points, or 3.6%, en route to a 1,233.17 weekly close. Spot gold rose to US$1615.80 per oz. to finish the week, and silver continued to rally before closing at US$28.09 per oz. U.S. industrial production beat estimates, rising 0.6% in July, and the European Central Bank reaffirmed its commitment to fund bond purchases to ease liquidity tensions in the European Union.

Vancouver-based Reservoir Minerals gained 51¢ during the week before closing at $1.96. The company announced that Freeport-McMoRan Copper & Gold had exercised an earn-in option to acquire a 55% equity stake in the Timok copper-gold project in Serbia. Freeport has taken over as operator of the project, and will solely fund expenditures through the delivery of a feasibility study.

High Desert Gold surged 121% or 15¢ per share before closing at 26¢ on the back of 4.6-million share trade volumes. The company released results on two drill holes at its 70%-owned Gold Springs project on the Nevada-Utah border. Collared at the Grey Eagle target, the results are highlighted by 21.4 metres grading 5.6 grams gold per tonne and 32.4 grams silver in hole 12-2.

Balmoral Resources gained 38%, or 25¢ per share, after releasing bonanza-grade drill results from its Martiniere gold property in Quebec. The company discovered a new gold-bearing structure in the footwall of its Bug Lake gold zone, with highlights including: 3.9 metres of 272.4 grams gold in hole 12-29. Balmoral closed the week at 91¢.

Royalty and precious-metal streaming junior Sandstorm Gold gained 54¢ during the week before closing at $9.73 on 7.6 million shares traded. Sandstorm is securing a joint listing on the New York Stock Exchange, and continued to post record results during the second quarter. The company sold 9,259 oz. gold during the quarter and achieved an operating cash flow of US$11.3 million.

Junior producer SilverCrest Mines had a solid week, rising 51¢ on the back of operational consistency at its Santa Elena silver mine in Mexico during the second quarter. SilverCrest’s cash flow from operations jumped 148% to US$7.2 million, and costs per oz. silver equivalent dropped 16% to US$6.94. The company sold 637,050 oz. silver equivalent during the quarter, and reported a 64% increase in working capital to US$29.6 million.

Gold explorer Canamex Resources recorded the highest trade volumes for the week, as 14 million shares changed hands following an update of exploration activities at its Bruner gold project in Nevada. Canamex dropped 42% or 13¢ with reverse-circulation drilling highlighted by 6 metres grading 1.26 grams gold in hole 1202.

TSX-V most active issues

TSX-V greatest percentage change

TSX-V greatest value change