STOCK MARKETS — Early winter blahs weigh on western markets

The Vancouver Stock Exchange composite index slipped 9.2 points over the report period ended Dec. 3, to close at 1,145.96. The resource index, meanwhile, fell 87.57 points to 2,229.55.

Alberta-listed Timbuktu Gold returned to the market Dec. 2, plunging to $1.70 in heavy trading. The company’s shares were halted at $24.90 on April 19 after spectacular drill results from its Sitakili gold property in Mali, West Africa, sent the issue soaring as high as $30.

The exchange grounded Timbuktu after learning of past securities infractions by former chairman Oliver Reese. In June, an independent report determined the samples had been tampered with.

Columbia Gold Mines was up 5 cents to $1.01 after re-assaying for cobalt in 51 holes from the Kona massive sulphide deposit at the Fyre Lake project in the Yukon. The holes were drilled in an area 1,000 metres long and up to 200 metres wide. The thickness of the upper horizon averages 13 metres and grades 1.9% copper and 0.12% cobalt, plus 0.53 gram gold per tonne. A near-surface lower horizon has an average thickness of 7 metres and grades of 1.2% copper, 0.12% cobalt and 0.77 gram gold. Columbia holds an option to earn up to an 80% interest from Welcome Opportunities, which closed up 40 cents to $3.80 in light trading.

Cora Resources is eyeing possible property acquisitions in South America. The company is conducting a preliminary review, however, and does not expect to make any deals before the new year. Cora closed at 46 cents, for a jump of 20 cents.

Major General Resources closed at 60 cents, up 14 cents, following the release of drill results from the Orion gold zone and the Rigel massive sulphide zone at its Green Bay properties near Springdale, Nfld.

Responding to a 22 cents rise to 55 cents, Claimstaker Resources stated there had been no material changes in the company except for preliminary negotiations for property acquisitions.

At the joint-ventured Choluteca gold project in southern Honduras, partners Mar-West Resources and New York-listed Battle Mountain Gold have begun a first-phase, 2,500-metre drill program to test three gold prospects. Mar-West closed at $1.03, down 1 cents.

Palmer Resources released encouraging results for the final three holes of a shallow, 5-hole preliminary drill program on the Cikoneng gold-silver prospect, part of the Cibaliung property in West Java. The issue dropped $1.85 to finish at $4.50.

Concerned about the recent rise in the share price of Vantage Enterprises, the VSE halted trading at $13.35, up $5.50, pending a review. The company owns an amethyst mine in Zambia and recently inked a deal to acquire 200 ha of prospective emerald ground there.

Toronto-listed Westmin Resources terminated its option on the Dragon polymetallic prospect of Doromin Resources on Vancouver Island, B.C., after completing four drill holes. Doromin slipped 3 cents to 11 cents.

Hixon Gold Resources climbed to $3.60 for a gain of $1.20. Ongoing trenching at its Stenpad property in Ghana is testing, at 100-metre intervals, the continuity of two gold zones 2,000 metres apart. Parent company Toronto-listed Golden Rule Resources holds a 50% back-in right.

Consolidated Silver Tusk Mines released drill results for holes 6 through 11 from its 80%-held, former-producing Karya Bukit Utama gold-silver property in Sumatra, Indonesia. The issue finished up 35 cents at $4.50.