Mixed bag for TSX Venture Exchange

TSX VENTURE EXCHANGE

The TSX Venture Exchange Composite index lost ground for the third week in a row, closing down 47 points to 1,726, or 2.6% of value, during the report period April 21-27.

Although gold prices remained below US$400 per oz. over the period, there was some movement back toward the psychological barrier during the most recent trading sessions. Silver prices continued their decline.

Adulis Minerals topped the list of value-gainers with a 37 increase, to close at $2.40. The company is preparing to drill the first exploratory well on the Salinas block in Colombia.

European Goldfields also gained in value, and was among the most active stocks. It rose 45 to close at $4.15. The company is developing its Certej gold property in Romania, and recently acquired all the shares of its Greek subsidiary.

Foran Mining gained in value to the tune of 29, to close at 80, or 56% higher than at the start of the report period. Foran has been carrying out underground development at the North Star gold mine in Manitoba.

Reflecting the steep decline in the silver price in recent weeks, Silver Standard slipped $1.24 over the period to close at $15.89. The company announced a preliminary resource estimate for its La Pitarrilla project in Mexico’s Durango state.

Klondex Mines moved ahead 36% to close at 75. The company is drilling at its Fire Creek property, 16 km south of Newmont’s Mule Canyon mine in Nevada. The 4,575-metre program is determining the extent of previously discovered gold mineralization.

BM Diamondcorp was up 42% over the trading period. The company is performing infill drilling at its Cempaka diamond project in southeastern Kalimantan, Indonesia, in preparation for mining diamondiferous gravels.

At the top of the most-active list was ECU Silver Mining, which closed up 2, at 37.

Polymet Mining lost 40% of its value over the trading period to close at 68. The company’s main project is NorthMet, a polymetallic magmatic sulphide deposit containing platinum group elements and base and precious metals near the base of the Duluth mafic complex.

Fancamp Exploration lost 30% to close at 14. The company announced that $95,000, which it recently raised, will help finance exploration of its Mingan Titanium option.

Banro lost $1.10 to close at $7.25. The junior recently completed a $16-million financing to advance its projects in the Twangiza-Namoya gold belt of the Democratic Republic of the Congo.