MINING MARKETS AND INVESTMENT NEWS — Western markets — Bad exploration news hits Winspear share price

The Vancouver Stock Exchange mining index reflected a lacklustre performance in precious and base metal prices, slipping 1.37 points, or 0.3%, to close at 488.64 over the April 29-May 5 report period. The composite index rose 11.58 points, or 1.9%, to finish at 631.11. Meanwhile, the combined value of the Alberta Stock Exchange was up 56.91 points, or 2.5%, at 2,318.64.

Abacus Minerals jumped 25cents to finish the period at 70cents. The company announced drill results for the first two holes of an initial 7-hole program on the Manchuria property in southern Argentina. Results included an impressive 58-metres averaging 6.5 grams gold and 22.3 grams silver in the second hole. Abacus is earning a 100% interest in the project from Barrick Gold, which retains a back-in right to a 50% interest. Results for the remaining five holes are pending.

Diamond explorer Winspear Resources was off 9cents at 63cents after reporting that its winter drilling program on the Camsell Lake property in the Northwest Territories did not find a larger source for the complex diamondiferous kimberlite dyke and breccia system at Snap Lake.

Mutapa Gold was posted for trading on the VSE during the report period, with Union Securities completing its initial offering of 1.2 million shares at 55cents each. Mutapa, which has interests in the Big Deer Pond massive sulphide property in Newfoundland, traded as low as $1 before closing at $1.28. An upcoming drill program will test five targets.

Bell Coast Capital, up 14cents at 62cents, is set to begin a 10-hole drilling program on its wholly-owned Copalquin gold-silver prospect in Mexico’s Durango state. The company has closed a private placement financing of 2.5 million units at 30cents each, for proceeds of $750,000.

Ballad Enterprises closed at 62cents, for a gain of 27cents. The company has begun preparing access roads and drill sites for a first phase of reverse-circulation drilling on the Las Princesas silver-gold prospect in Peru. Ballad holds an option to purchase a 100% interest in the project.

Alberta-listed Blue Desert Mining was off 12cents, falling to 30cents. A private placement with Pacific International Securities was cancelled and an option agreement with Western Keltic Mines concerning Blue Desert’s Enero/Nuevo Ano copper project in Chile has been nixed.

Kenrich Mining closed up 9cents at 66cents. Prime Resources Group is about to begin a follow-up exploration program involving geological mapping and trenching on the PRU block of Kenrich’s wholly-owned Corey property in northwestern B.C. Prime has the right to earn an initial 51% interest in the property.

Consolidated Magna Ventures rose 21cents to 59cents. The company has closed a special warrant financing of 3 million units at 30cents each, for proceeds of $889,000. An upcoming 2,000-metre drilling program will test anomalies at the Koala property in the Mexican state of Chihuahua.