STOCK MARKETS — Composite and resource indices flatten VSE

The Vancouver Stock Exchange composite index lost 4.5 points over the report period ended Feb. 11, to close at 1,213.71, while the resource index dropped 11 points to finish at 2,262.15.

The combined value of the Alberta Stock Exchange was down 19.03 points at 2,761.84.

Profit-taking in Hixon Gold Resources was evident as the issue fell $3.70 to close at $7.30. Hixon and its 50% back-in partner, Toronto-listed Golden Rule Resources, released assay results for nine additional channel samples from the Seidu No.3 trench at the Stenpad property in Ghana, extending the trench to a width of 96.3 metres averaging 16 grams gold per ton from a prior 87-metre width averaging 15.9 grams. The nine 1-metre samples ranged from 0.04 to 88.7 grams. To date, the companies have released results from five trenches hand-dug on the Agykra and Seidu gold prospects.

Pacific Rim Mining reached a high of $6.65 before falling back to $6.15, for a gain of $1.25. The company recently appointed several new directors, including former Arequipa Resources President Catherine McLeod-Seltzer and Anthony Petrina, a former director of Arequipa. Pacific Rim holds a portfolio of properties in Argentina, including the Diablillos gold-silver property, which is under option to Toronto-listed Barrick Gold. A 9,500-metre drill program is in progress.

Golden Hemlock Explorations climbed as high as $1.55 before pulling back to close at $1.23, up 29 cents. The company is drilling the San Jose de Gracia project in Mexico’s Sinaloa state, where it has encountered widespread sulphide mineralization. Assay results are pending.

At the joint-ventured Veladero North project in its namesake country, Argentina Gold has defined a 2.8-by-3.4-km gold geochemical anomaly over the Breccia Florencia target. The company, which holds a 60% interest, gained 25 cents to finish at $2.55. Barrick Gold holds the other 40%.

Valerie Gold Resources was down $1.05 to $5.85 after reporting drill results from the Mamatla massive sulphide project in Mexico. Valerie has budgeted US$2 million for exploration during the first quarter.

Morgain Minerals closed down 52 cents to $3.57. Only two of seven holes recently drilled by BHP Minerals on the Cuatro Hermanos property in Mexico cut significant intercepts.

Breckenridge Resources can earn a 68% interest in the Xiacun silver/base metal deposit in China’s Sichuan province under terms of a joint venture agreement recently reached. Breckenridge jumped 24 cents to close at 55 cents.

A $1-million financing will be used by Xemac Resources to explore its properties in Quebec and the Northwest Territories. The company has begun a 1,500-metre drill program on the prospective Manic nickel-copper property in the Sept-Iles area of Quebec. The property is a joint venture with CDN-listed Greenshield Resources. Xemac was up 13 cents at 78 cents.

Adamas Resources closed up 6 cents at 51 cents, after entering into a preliminary agreement to acquire the Hydra-Hercules project in northwestern Nevada, which contains 7.3 million tonnes grading 0.023 oz. gold and 0.16 oz.

silver.

Peruvian Gold announced drill plans for both the Lara and Perenti properties in Peru. The former exhibits characteristics of a weathered copper porphyry system, and a preliminary induced-polarization survey returned high chargeability values suggesting the presence of sulphides at depth. At Perenti, a gold prospect, trenching returned values ranging from 48 metres of 0.1 gram to 18 metres of 2.7 grams. The issue tacked on 22 cents, closing at $1.95.

On the commencement of a 2,000-metre drill program at the Sierra de Las Minas and Los Dos Buhos gold quartz vein project in northwestern Argentina, Golden Peaks Resources closed up 15 cents at $1.80, while joint-venture partner Primo Resources was down 18 cents at $1.27.