Mining index leads rally for CDNX

Trading on Canada’s junior exchange perked up during the holiday-shortened week. The Canadian Venture Exchange composite index closed the period ended Aug. 7 at 3098.27, up 35.26 points (or 1.1%). The mining index rose 144.41 points (1.9%) and closed at 7,465.87.

Poplar Resources continued to attract investor interest, climbing to a new 52-week high of 29, up 3 on a volume of 1.5 million shares. The junior recently announced a $1-million financing aimed at advancing its Bottenbacken palladium-copper project and Sundsvall diamond property, both of which are in Sweden.

Conquistador Mines ended the week down a penny to 1 on a volume of 965,000 shares. The junior reported it has been unable to attain funding for its Colombian operations, and, as a result, a liquidator has been appointed to attend to the dissolution of Corona Goldfields. Conquistador does not expect to receive any proceeds from the liquidation.

Leader Mining International tacked on 1 and closed the week at 88 on the trading of 923,000 shares. The stock moved higher following the recent announcement that money is in place for moving forward on the Cogburn nickel property in British Columbia.

Montello Resources closed at 18, up 2 on 862,000 shares. The company is focused on its Rogersville oil and gas prospect in Tennessee but is also involved with diamond exploration properties in Alberta and Manitoba, as well as a platinum group metal property near Sudbury, Ont.

Patricia Mining lost 4 to close at 30, with one big 850,000-share block changing hands. The company holds the Island gold property, near Wawa, Ont. A 5-hole drill program over the North Shear target returned significant gold values over a 250-metre strike length.

IBI remained flat at 5, with 817,000 shares crossing the floor. The company has completed development of its Namekara vermiculite project in Uganda, and commercial mining is under way. Vermiculite is a low-cost industrial mineral that resembles mica in appearance. It is used in hydroponics for growing plants, as insulation, as a component of cement/concrete, and in brake-liners. It is also used in the manufacture of vitamins.

Shares in Kenrich Mining appear to have found a bottom following news that the company will not be entering the oil and gas business. Kenrich ended the week flat at 4 on a volume of 705,000 shares. The junior holds ground near the Eskay Creek polymetallic mine in British Columbia.

Starfield Resources lost 4 and closed at 50 on the exchange of 646,000 shares. The junior has three rigs turning at its Ferguson Lake low-grade nickel-copper-platinum-palladium property in Nunavut.

Canabrava Diamonds added 2 to its value and closed the week at 19, with 399,000 shares traded. Recently, the company amended its agreement with partners Paramount Ventures & Finance and Kennecott Canada Exploration on the Rocky Island Lake project in north-central Ontario. Canabrava and Paramount will contribute an additional $500,000 (split 50-50), to be spent in the revised project area before year-end. Pramount Ventures ended the week flat at 14.

Radius Explorations lost 12 to end the week at 97 on a volume of 247,000 shares. The Simon Ridgway-led junior is drilling the Tambor gold project in Guatemala. The first four holes cut broad low-grade mineralization at the Lupita target.

Rich Minerals continued to move upwards, gaining 10 to close at 34 on 297,000 shares. The junior recently formed Rich Mining, a U.S. corporation, as a wholly owned subsidiary with the mandate to develop national and international exploration and mining operations.

Investors ignored news that Aurora Platinum cut nickel sulphides 400 metres below Nickel Lake on its Foy project in Ontario. The stock ended the week at $2.65, down 5.


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