STOCK MARKETS — Atna, Nickelodeon bright spots in dim market

After entering the December month on an upswing, western markets edged downward over the report period ended Dec 12. The Vancouver Stock Exchange resource index slipped 5.44 points to close at 1,265.18, while the composite index lost 12 points finishing at 774.69.

Following the release of final results from this season’s drilling program on the Wolverine discovery in southeastern Yukon, Atna Resources shot up to a high of $4.10 before closing at $3.75 for a gain of 55. Toronto-listed Westmin Resources is earning a 60% interest from Atna.

Nickelodeon Minerals gained 30 to close at $1.15. The company and joint-venture partner Toronto-listed Trillion Resources continue to explore for diamonds on the Sansukwe property in southern Zimbabwe. A bulk-sampling program was recently carried out on the Mambale-1 kimberlite pipe.

Assay results from a 3,500-ft. drill program on the Red Mountain area gold property near Stewart, B.C., are expected before the new year, according to joint-venture partners Teuton Resources and Minvita Enterprises. Teuton added 2 to finish at $1.37, while Minvita edged up 5 at $2.05.

A first phase of reconnaissance diamond drilling is wrapping up on the Riyadh gold concession in Ghana, West Africa. International Tournigan, which holds rights to a half interest, tested three of 13 known gold-bearing reefs and three of 57 identified geochemical anomalies. Drill intercepts include 2.7 metres of 8.6 gram gold per tonne and 1.6 metres of 12 grams. Exploration in the new year will include extensive geochemical grid-sampling and continued drilling. Tournigan finished up 20 at $3.70.

Rift Resources jumped 70 to close at $1.95. The company is pursuing the acquisition of gold and gold-rich base metal properties in eastern and southern Africa. The company has acquired, or applied for, more than 4,000 sq. km of mineral licences in Eritrea and Ethiopia. As well, Rift submitted a joint proposal with Toronto-listed Echo Bay Mines to buy the Legadembi gold mine from the Ethiopian government. The deadline for the receipt of all proposals has been extended by the government to the end of February.

The acquisition of an option to earn up to a 70% interest in the Moongold and Cottonwood gold properties in Nevada met with an 18 gain for Golden Peaks Resources, which closed at 70. The company can initially earn a 51% interest by spending US$200,000 on exploration. A further 19% interest can be earned with an additional expenditure of US$300,000.

Royal Bay Gold has granted Alberta-listed H.L. International the right to earn a half interest in its Waratah gold claims, 2 km northeast of the Snip mine in the Iskut River area of northwestern British Columbia. H.L. must spend $2 million on exploration over three years. Trading in H.L. is halted, pending approval of a reverse take-over. Royal Bay closed at 17 for a gain of 8.

A visual observation of the first two holes drilled at Donner Resources’ South Voisey Bay project in Labrador marked an 87 plunge for the issue closing at $1.38. Donner reported the two holes intersected 100-metre bands of graphite-rich gneissic rock containing disseminated to semi-massive sulphides.

Peruvian Gold climbed 49 to close at $1.18. The company signed an agreement with a privately owned Ecuadorian company for an option to earn a 60% interest in the Bonita concessions, covering 20,800 hectares in northern Ecuador. Sampling at the Encanto prospect returned a high of 3.4 oz. gold and 8.6 oz. silver over 49.2 ft. Peruvian must spend US$3.25 million on exploration over three years, as well as pay US$550,000 in cash and issue 800,000 shares over three years.

A share split on a four-new-for-one-old basis was approved by shareholders of International Taurus Resources. The company’s current 9.3 million outstanding shares will be split so that 37.3 million shares will be outstanding. Taurus closed at $3.80 for a loss of 5.