TSX Venture posts gains, July 11-15

The S&P/TSX Venture Composite Index reached a 20-month high, gaining 14.24 points, or 1.9%, to a 766.36-point close. Spot gold prices declined US$28.88, or 2.1%, to US$1,337.45 per oz., after U.S. data suggested that economic growth regained speed in the second quarter. Comex copper gained US13¢, or 6.2%, to US$2.24 per lb. copper.

B.C. explorer Ascot Resources led the value-added category, with shares rising 65¢, or 52%, to $1.90, after the company landed a $20-million private placement from mining and exploration financier Eric Sprott. The company is in the midst of a 60,000-metre drill program at its Premier gold-silver deposit, 20 km northeast of Stewart, a former open-pit and underground mine that has produced 2.1 million oz. gold and 44.2 million oz. silver. Recent drill results returned 104.74 grams gold over 3.1 metres in a broader interval of 5.53 grams gold and 84.1 grams silver over 66 metres. Ascot states that Premier shares similarities with Pretium Resources’ Valley of the Kings gold deposit, 40 km north, which has proven and probable reserves of 13.6 million tonnes grading 15.7 grams gold per tonne, 11 grams silver per tonne for 6.9 million contained oz. gold and 4.6 million contained oz. silver.

First Mining Finance saw 26 million shares traded before closing up 30¢, or 34.5%, to $1.17 per share, after announcing plans to settle its US$1.2-million debt owed by its wholly owned subsidiary, KCP Minerals, to First Majestic Silver. Under the deal, First Mining would issue First Majestic 820,440 shares at 80¢ per share, valued at US$500,000, with most debt paid in 12 monthly cash installments. The company also intends to complete a $16-million private placement financing of up to 20 million units at 80¢ per unit. Each unit consists of a share and half a warrant, with each warrant exercisable within 36 months for $1.10 per share. First Mining is a vehicle for acquiring mineral assets and has accumulated 10.5 million equivalent oz. gold resources in a 27-project portfolio across Canada, the U.S. and Mexico.

HTI Ventures was a front-runner in the greatest percentage-change category, gaining 292% to a 49¢-per-share close. The company announced that Neil Woodyer, Frank Giustra, Bernadette D’Silva and Jay Sujir have been appointed directors, and 3.5 million incentive stock options were granted at 13¢ per share over 10 years. A press release said that Woodyer acquired 10.5 million shares, or 29.6% of the company, whereas Fiore Financial, a company owned and controlled by Frank Giustra, acquired 6.2 million shares, or 17.4% of the company. HTI plans to change its name to Leagold Mining, pending its annual meeting in August.