TSX VENTURE EXCHANGE -May 11-17

The May 11-17 period started off strong for the S&P/TSX Venture composite index, but two days of gains were easily erased by three days of losses that left the board down 57.91 points at 1,554.67. Daily trading volumes dropped off slightly after three strong weeks, averaging 123 million.

The mid-week downturn certainly hit the junior market hard — over the period 134 Venture-listed companies fell to new share price lows while just 46 reached new highs.

A friendly takeover offer from Eldorado Gold almost doubled Brazauro Resources’ share price in a day, lifting it to $1.29 from 69¢ on 22.9 million shares traded. The offer will see each Brazauro share exchanged for 0.0675 Eldorado shares plus a share in a new exploration company, valuing the junior at $1.33 per share.

Brazauro’s principal asset is the Tocantinzinho project in Tapajos, Brazil, which is home to 1.9-million oz. gold in a near-surface deposit still open at depth. A February scoping study gave the project a net present value of US$129 million, using a 5% discount rate, and predicted a US$239-million capex requirement.

The other volume-leader for the week was Afri-Can Marine Minerals but its share price moved in the opposite direction, falling to just 12.5¢ from 22¢ on 20.4 million shares. The company reported early results from a sampling program at its Block J project, a 994-sq.-km concession off the coast of Namibia where the ocean is between 70 and 170 metres deep. Afri-Can recovered 112 diamonds averaging 0.17 carat each from 139 samples.

Promising drill results could do little more for Avion Gold than protect it from the sinking market — on news of expansion drill results including 13.42 grams gold per tonne over 16 metres and 9.89 grams gold over 9.1 metres — Avion’s share price gained just 4¢ to close at 62¢. The company is exploring the Tabakoto mine and exploration project in Mali and plans to complete 60,000 metres of drilling in 2010.

Just after achieving commercial production at the past-producing San Francisco gold mine in Mexico, owner Timmins Gold hit gold outside the boundaries of the planned pit.

Expansion drills returned several solid intercepts, including 10.28 grams gold over 13.7 metres just 50 metres south of the pit and 1.11 grams gold over 21 metres located 500 metres southwest of the known zone. The news added 19¢ to the junior’s share price, bringing it to $1.39.

And East Asia Minerals managed two contrasting feats over the week -the junior explorer hit a new share price high of $8.73 and then immediately fell $1.73 to win itself a place on the biggest losers list. Investors must have been anticipating more high-grade results from East Asia’s Miwah gold discovery in Indonesia and were disappointed when the latest results included more moderate grades, such as 1.01 grams gold over 159 metres.

TSX-V most active issues
VOLUME WEEK
(000s) HIGH LOW CLOSE CHANGE
Brazauro Res BZO 31522 1.33 0.63 1.26 + 0.62
Afri-Can Marin AFA 20373 0.22 0.12 0.12 -0.10
San Gold Res SGR 14758 5.00 4.25 4.48 -0.06
RomiosGoldRs RG 14434 0.14 0.09 0.11 0.00
Avion Res AVR 14066 0.69 0.59 0.62 + 0.04
Seafield Res SFF 13079 0.22 0.17 0.19 + 0.02
Spider Res SPQ 12009 0.10 0.08 0.09 + 0.01
RomarcoMnrls R 9752 2.17 1.98 2.02 + 0.01
US Silver USA 9074 0.26 0.19 0.22 + 0.05
Canadn Arrow CRO 8801 0.08 0.05 0.05 0.00
TSX-V greatest percentage change
VOLUME WEEK
(000s) HIGH LOW CLOSE CHANGE
Brazauro Res BZO 31522 1.33 0.63 1.26 + 96.8
Merit Mng MEM 49 1.65 0.94 1.46 + 55.3
Arcturus Res AZN 607 0.09 0.05 0.06 + 50.0
Bonaventure En BVT 4424 0.03 0.01 0.03 + 50.0
Pac Comox PCM 1722 0.04 0.03 0.03 + 50.0
Mazarin MAZH 44 0.04 0.03 0.03 + 50.0
Max Res MXR 19 0.25 0.17 0.25 + 47.0
Wolverine Mnls WLV 25 0.20 0.20 0.20 + 42.8
Dumont Nickel DNI 652 0.19 0.12 0.17 + 41.6
Mountain Lake MOA 1649 0.60 0.42 0.56 + 40.0
Afri-Can Marin AFA 20373 0.22 0.12 0.12 -45.4
SGX Res SXR 782 0.40 0.17 0.20 -42.8
Adroit Res ADT 887 0.08 0.05 0.05 -37.5
Westcan Uran WCU 233 0.14 0.10 0.10 -37.5
NQ Expl NQE 1553 0.10 0.09 0.09 -35.7
Canaf Group CAF 31 0.03 0.02 0.02 -33.3
Santa Fe Metls SFM 112 0.11 0.10 0.11 -31.2
Touchdown Cap TDW 75 0.09 0.07 0.07 -30.0
Newport Expl NWX 351 0.13 0.11 0.12 -29.4
Ruby Red Res RRX 1294 0.05 0.04 0.05 -28.5
TSX-V greatest value change
WEEK
VOLUME CLOSE CHANGE
Brazauro Res BZO 31521898 1.26 + 0.62
Merit Mng MEM 48913 1.46 + 0.52
Mansfld Mnrls MDR 689200 1.94 + 0.34
Sacre-Coeur Ml SCM 543797 0.80 + 0.20
Orko Silver OK 2182004 1.85 + 0.20
Timmins Gold TMM 3352786 1.39 + 0.19
Clifton Star CFO 2116229 5.08 + 0.18
Mountain Lake MOA 1649290 0.56 + 0.16
SilverCrestMn SVL 783291 1.09 + 0.13
Midland Expl MD 44796 1.42 + 0.12
Pac Booker Min BKM 31343 7.00 -1.00
East Asia Mnls EAS 3458173 7.00 -0.70
Quest Rare Mnl QRM 502548 2.75 -0.33
Hana Mng HMG 870035 1.60 -0.30
Anooraq Res ARQ 461561 1.25 -0.23
Kiska Metals KSK 915970 0.92 -0.18
Antares Minls ANM 579776 2.44 -0.16
Brett Res BBR 1121756 3.53 -0.16
Lucara Diam LUC 1680944 0.82 -0.16
Comet Inds CMU 18000 1.45 -0.15
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