STOCK MARKETS — Vancouver market comes out ahead as Alberta follows suit — Some Indonesia explorers gain ground; American Bullion questioned for poor showing

The Vancouver Stock Exchange posted its first winning week in six weeks, rising 32.82 points to close at 1,045.67 points for the report period ended May 13.

The Alberta exchange rose 73.31 points to close at 2,571.88.

Some of the Indonesian explorers hard hit by the Bre-X debacle stopped sliding and began to pick up a bit of lost ground.

Borneo Gold gained 13 cents to finish the week at $1.65, Indomin Resources was up 6 cents to close at $1.76, and Alberta-listed South Pacific Resources gained 20 cents to close at $1.30.

Arizona Star gained $2 to close at $12. The company announced plans to undertake a scoping study for its Cerro Casale gold-Copper porphyry target in Chile. Last month, Arizona Star and partner Bema Gold released two estimates for the deposit: an oxide resource of 111 million tonnes grading 0.75 gram gold and a sulphide resource of 1 billion tonnes grading 0.7 gram gold and 0.28% copper, at a cutoff of 0.4 gram gold. Bema owns 30% of Arizona.

Calgary-based Hixon Gold Resources gained 70 cents to close at $6.50. Hixon recently hired Associated Mining Consultants as exploration advisors for the company’s wholly owned Stenpad property in Ghana, West Africa. The company, which is awaiting trenching results, expects to start drilling at Stenpad soon. Toronto-listed Golden Rule Resources can earn a 50% interest in Stenpad by paying 200% of exploration costs to date.

Mexican explorer Francisco Gold was up again, adding $2 to close at $26. The issue reached a high of $28.30 at close on May 9. The third phase of drilling at the company’s Sauzal gold project in Chihuahua state is under way.

American Bullion Minerals rose 43, or 49%, to close at $1. A fight has been brewing between the company’s management and dissident shareholder Charles Wills, who blames the board for the recent slide in its stock price. Shares have a 52-week high of $5.70. Last August, Teck passed on American Bullion’s Red Chris copper-gold porphyry project in northwestern British Columbia.

American Bullion says it is now negotiating an option agreement for the property with “a significant Canadian mining company.”

The most active issue on the exchange was Mexican explorer Golden Hemlock Resources, which saw 3.6 million of its shares change hands. Some of that volume is attributable to the exercise of options, which occurred as the company raised suficient cash for the final payment of US$918,500 it needed to obtain full ownership of the San Jose de Gracia project in Mexico. Once the deal closes, the company will have paid US$1.4 million for the 3,500-ha property.

Golden Hemlock has begun a close-line airborne survey there and plans to begin an 8,000-Metre drill program before June.

Sutton Resources saw a gain of $1.50 and closed the report period at $13.25.

The company is continuing work at its Bulyanhulu gold project in Tanzania.

Another African explorer, Oliver Gold, received partial results from an 11-hole, infill and step-out diamond drill program on the main zone of its Segala project in Mali, West Africa.

The program was designed to test the Main zone for internal continuity and down-plunge potential. Among the results were a 21.9-Metre interval grading 3.6 grams gold, including 6 metres of 6.9 grams and 3.5 metres of 5.4 grams gold, and 20.7 metres grading 3.8 grams, including 7.8 metres of 6.2 grams and 8.1 metres of 3.3 grams.

The company plans to calculate a new resource once final assays from that program are received. Oliver was off 25 cents to close at $1.65.