Venture continues upward Oct. 25-29

Vancouver – The S&P TSX Venture composite index continued its steady climb over the Oct. 25 – 29 week, up 72.13 points despite a downward blip of 0.04 of a point one day to end at 1950.31. Volume continued to be high with an average of 168 million shares traded daily.

The venture continues to edge towards a stronger bulls to bears ratio, with 116 venture-listed companies hitting new 52-week highs while 60 reached new lows.

Leading the volume category, Romarco Minerals saw 35 million shares traded as it released new assay results from its Haile gold project in South Carolina. Results included deeper sections of previously released holes from the Horseshoe zone, with hole 378 hitting 7.7 metres grading 12.8 grams gold per tonne from 259 metres and hole 379 cutting 66 metres averaging 10.9 grams gold from 386 metres depth. Drilling beyond the proposed South and Ledbetter pits returned 51.2 metres carrying 4.1 grams gold from 170 metres below surface. Romarco’s share price was up 28¢ or 11.5% to end at $2.72.

Avion Gold also saw strong volumes with 11.9 million shares traded as it released an initial resource estimate for the Vindaloo zone at its Hounde project in Burkina Faso. The estimate has 883,000 indicated tonnes grading 2.23 grams gold for 63,000 contained oz. and a further 5.7 million inferred tonnes grading 2.97 grams gold for 547,000 contained oz. Vindaloo is one of eight mineralized zones on the property and has been outlined along a 500-metre strike length and to a depth of 200 metres while still open to depth and along strike. Avion was up 7¢ or 8.9% to end at 86¢.

Following heavy trading and strong drill results the week before, Creston Moly kept its momentum as it released a resource estimate for its El Creston molybdenum project in Sonora, Mexico. The company’s stock price rose 12¢ or 34.3% to end at 47¢ on 10.4 million shares traded. The resource, improving significantly on a 2009 pre-feasibility estimate, now stands at 215.4 million measured and indicated tonnes grading 0.071% Mo and 0.059% Cu for 335.5 million lbs. Mo and 280.5 million lbs. Cu. The company’s stock price also likely benefitted from a report at the end of the week stating that China might soon limit molybdenum exports.

With potash still very much in the news thanks to BHP Billiton’s ongoing bid for Potash Corp. of Saskatchewan, smaller players are seeing heightened attention. Junior explorer Intercontinental Potash was one of the biggest percent gainers of the week as its share price increase 57.5% or 27¢ to 74¢ on 5.7 million shares traded. The company recently started work for an updated resource estimate and preliminary economic assessment on its Ochoa sulphate of potash project in Lea County, New Mexico.

Creso Exploration, however, was on the other end of the percentage curve, with its share price dropping 35¢ or 33.7% to end at 69¢ after the company released assay results of hole 3 from its Minto project in Northeastern Ontario. While the hole contained 280 metres grading 1.15 grams gold from 537 metres depth, it apparently did not meet expectations.