STOCK MARKET — Resource stocks fail to boost western markets

The Vancouver Stock Exchange composite index finished relatively flat between Sept. 18 and 24, closing at 1,227.43 points, down 1.77 from last week’s close of 1,229.2. The resource index was up slightly, closing at 2,363.09 for a gain of 5.95 points.

It was a good week for Atna Resources, which gained $1.10 to close at $5.10. The stock had traded as low as $3.70 on Friday but recovered after the Vancouver junior (which also trades in Toronto) and Westmin Resources reported drill results from the western extension of the Wolverine polymetalic deposit in the Yukon. Drilling there encountered three more thick, high-grade massive sulphide intersections. Atna owns 40% of the project.

Oliver Gold was also up, rising by $2.40 and closing the week at $6.10 on volume of 1.6 million shares. Diamond drilling from its initial 214.2-metre drill hole at the company’s Ipanema gold prospect in Zimbabwe intersected encouraging values.

Antler Resources gained 50 cents to close at $1.50 after it announced a rights offering for British Columbia residents holding shares in the company as of Sept. 26. Antler has a 25.34% interest in the Camsell Lake joint-venture property in the Northwest Territories.

La Rock Mining was the most active trader by volume, with 7.5 million shares trading hands. On Sept. 16, the company announced that its private placement had raised $800,000, which will be used for property acquisition in Indonesia. La Rock closed the week at 54 cents for a gain of 12 cents.

Diamond explorer Winspear Resources was another active issue, with 2.3 million shares changing hands. Of those, 1.5 million were traded on Sept. 23 and 713,800 on Sept. 24. The stock finished up 32 cents over the week to close Sept. 24 at 97 cents. Most of the activity came after the company released preliminary results from its summer exploration program on the Camsell Lake project in the Northwest Territories. Winspear said mineral sampling had found a localized area containing pyrope-chromite indicator minerals on the property.

Kamloops, B.C.-based Cassidy Gold gained in value over the week, adding 40 cents to close at 50 cents on Sept. 24. Cassidy recently changed its name from PMA Resources and, on Sept. 12, announced a $195,150 private placement as part of a corporate reorganization. The company is looking for gold near Grand Forks, B.C., and copper near Lac la Hache, B.C.

Also up over the week were: Benz Gold, which rose 59 cents to close at $1.94 on 1 million shares; Archon Mineral, up 80 cents to close at $2.30 with 104,000 shares traded; and Palmer Resources, closing up $1.75 at $5.50, with 391,000 shares crossing the floor.

Borneo Gold remains halted after the exchange stepped in last week. Shares quadrupled in value on a single day of trading following reports of visible gold on the company’s 90%-owned Bunut contract of work in West Kalimantan, Indonesia. The stock finally reached $11.25 for a gain of $9.06, before regulators halted trading.

Insular Explorations and Inlet Resources seemed to ride along in the slipstream when Borneo was flying high. Insular doesn’t seem to have been hurt by its association with Borneo since it was halted, but Inlet has had a bumpier ride. Insular closed up 9 cents over the week at $1.40, while Inlet lost 26 cents to close at 64 cents, with 426,000 shares traded.

Adamas Resources lost 18 cents to close at 27 cents with 419,000 shares changing hands. On Sept. 18, the company said a private placement that was announced in August and valued at $414,000 would not be proceeding. Adamas said it had filed for final approval of a placement of 300,000 shares at 33 cents per share, first announced on July 31.