The S&P/TSX Venture Composite Index finished in the black for the second straight week, up 9.88 points to close at 997.33. Oil futures were driven upward by political instability in Iraq, while the U.S. Commerce Department reported retail sales rose for a fourth straight month in May. Meanwhile, the World Bank cut its global growth forecast after the world’s economies expanded less than anticipated in the first half of the year.
Crude oil futures closed near a nine-month high, with August contracts for West Texas Intermediate gaining 3.4%, or US$3.46 per barrel, before ending the period at US$106.17 per barrel. August contracts for gold bullion rose 1.6%, or US$19.90 per barrel, en route to a US$1,274.10 per oz. close, while July contracts for copper dropped US2.5¢ before finishing the week at US$3.03 per lb.
Nevada-focused Cadillac Mining gained 178%, or 12.5¢, after news that explorer Pilot Gold was acquiring the company in an all-share deal worth $6.4 million.
Cadillac shareholders will receive 0.12195 of a Pilot Gold share for each share held, which represents a 121% premium over the closing price of Cadillac shares as of June 12. The company traded 3.7 million shares during the week en route to a 20¢ close.
Pilot is picking up Cadillac’s past-producing Goldstrike project in southwestern Utah. The acquisition adds a second historic mine to Pilot’s portfolio, with the company working on its Kinsley Mountain gold project in southeast Elko County, Nev.
Investors appeared less than enthusiastic about the underground potential at Probe Mines’ Borden gold project near Chapleau, Ont. On June 10 the company released the first model of Borden’s underground resource, which resulted in shares dropping 32¢ on 1.1 million traded before closing the week at $2.38.
Borden’s underground resource stands at 9.3 million indicated tonnes grading 5.39 grams gold per tonne for 1.6 million contained oz., while inferred resources tack on 3 million tonnes of 4.37 grams gold for 426,000 contained oz. All underground resources assume a 2.5-gram-gold cut-off grade. Open-pit resources total 70 million indicated tonnes at 1.03 grams gold for 2.3 million contained oz. at a 0.5 gram gold cut-off.
Explorer Bard Ventures completed a 3 for 1 share consolidation that saw the company decrease its shares outstanding to 5.7 million. With the move Bard completed a $400,000 non-brokered private placement, wherein it will place up to 8 million units at 5¢ per unit.
Bard gained 233% — or 5¢ per share during the week — en route to a 12¢ close. The company is exploring its Lone Pine gold–molybdenum project 15 km northwest of Houston, B.C.
TSX-V most active issues
| Volume | |||||||
| Company | Symbol | (000s) | High | Low | Close | Change | |
| Cypress Dev | CYP | 13168 | 0.04 | 0.02 | 0.03 | + | 0.01 |
| Mega Precs Mtl | MGP | 6251 | 0.12 | 0.1 | 0.11 | – | 0.01 |
| Pac Potash | PP | 6078 | 0.04 | 0.02 | 0.02 | – | 0.02 |
| Orex Minls | REX | 5839 | 0.27 | 0.24 | 0.25 | + | 0.01 |
| Aura Silver Rs | AUU | 5732 | 0.08 | 0.02 | 0.05 | + | 0.03 |
| Gold Bulln Dev | GBB | 5252 | 0.04 | 0.03 | 0.03 | + | 0.01 |
| Coronet Mtls | CRF | 4357 | 0.03 | 0.02 | 0.03 | – | 0.01 |
| Eloro Minls | ELO | 4267 | 0.02 | 0.02 | 0.02 | 0 | |
| Robex Res | RBX | 4247 | 0.2 | 0.16 | 0.18 | + | 0.02 |
| Mazorro Res | MZO | 4064 | 0.07 | 0.06 | 0.07 | 0 | |
TSX-V greatest percentage change
| Volume | |||||||
| Company | Symbol | (000s) | High | Low | Close | Change | |
| MPH Vent | MPS | 103 | 0.09 | 0.07 | 0.09 | + | 1600 |
| Bard Vent | CBS | 18 | 0.12 | 0.05 | 0.05 | + | 233.3 |
| Odin Mng & Exp | ODN | 10 | 0.1 | 0.1 | 0.1 | + | 233.3 |
| Hudson River M | HRM | 693 | 0.02 | 0.01 | 0.02 | + | 200 |
| Cadillac Mng | CQX | 3740 | 0.21 | 0.08 | 0.2 | + | 178.5 |
| Pac Wildcat Re | PAW | 532 | 0.04 | 0.01 | 0.04 | + | 166.6 |
| Aura Silver Rs | AUU | 5732 | 0.08 | 0.02 | 0.05 | + | 150 |
| Invenio Res | IVO | 195 | 0.04 | 0.02 | 0.04 | + | 133.3 |
| Challenger Dee | CDE | 478 | 0.07 | 0.03 | 0.07 | + | 116.6 |
| Fir ebird Res |
FIX | 113 | 0.02 | 0.01 | 0.01 | + | 100 |
| Blind Crk Res | BCK | 2997 | 0.01 | 0.01 | 0.01 | – | 50 |
| Pac Potash | PP | 6078 | 0.04 | 0.02 | 0.02 | – | 50 |
| Firestone Vent | FV | 1808 | 0.02 | 0.01 | 0.01 | – | 50 |
| GTO Res | GTR | 274 | 0.06 | 0.05 | 0.06 | – | 45 |
| Montero Mg&Ex | MON | 420 | 0.03 | 0.02 | 0.02 | – | 40 |
| Caracara Silvr | CSV | 185 | 0.02 | 0.02 | 0.02 | – | 40 |
| RockBridge Res | RBE | 50 | 0.04 | 0.03 | 0.03 | – | 37.5 |
| Tawsho Mng | TAW | 60 | 0.08 | 0.05 | 0.05 | – | 37.5 |
| Currie Rose Rs | CUI | 130 | 0.02 | 0.01 | 0.01 | – | 33.3 |
| Crown Gold | CWM | 328 | 0.02 | 0.01 | 0.01 | – | 33.3 |
TSX-V greatest value change
| Company | Symbol | Change | Close | Change | |
| Lumina Copper | LCC | 152706 | 7.9 | + | 0.52 |
| Abitibi Royalt | RZZ | 42996 | 2.8 | + | 0.33 |
| Chesapeake Gld | CKG | 30086 | 3.1 | + | 0.25 |
| Bear Creek Mng | BCM | 210195 | 2.35 | + | 0.25 |
| Zenyatta Vent | ZEN | 439503 | 2.97 | + | 0.25 |
| Avino Silver | ASM | 170797 | 2.05 | + | 0.22 |
| EurOmax Res | EOX | 1067742 | 0.6 | + | 0.19 |
| Arian Silver | AGQ | 28780 | 0.7 | + | 0.18 |
| Cayden Res | CYD | 161965 | 1.73 | + | 0.18 |
| Athabasca Mnls | ABM | 946939 | 2.65 | + | 0.15 |
| Great Quest Me | GQ | 422019 | 0.94 | – | 0.37 |
| Probe Mines | PRB | 1111090 | 2.38 | – | 0.32 |
| Titanium Corp | TIC | 261744 | 1.5 | – | 0.22 |
| Bacanora Mnls | BCN | 264806 | 0.68 | – | 0.18 |
| Pac Booker Min | BKM | 12790 | 5 | – | 0.12 |
| Reservoir Mnls | RMC | 157797 | 6.12 | – | 0.11 |
| Diamcor Mng | DMI | 29075 | 1.31 | – | 0.11 |
| Palladon Vent | PLL | 34493 | 1.64 | – | 0.1 |
| Almonty Ind | AII | 51000 | 0.8 | – | 0.1 |
| West High Yld | WHY | 130350 | 0.37 | – | 0.09 |
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