STOCK MARKETS — Western markets remain static as summer draws to close — Mountain Province and Glenmore among few issues showing life signs

Western markets remained quiet over the report period ended Aug. 26. The Vancouver Stock Exchange composite index finished the period unchanged at 833.6, while the mining index edged up 2.95 points, or 0.4%, to 752.99.

The combined value of the Alberta Stock Exchange rose 2.52 points to finish at 2,371.05.

After revealing that Monopros had discovered two new kimberlite bodies while drilling geophysical targets in the vicinity of the 5034 kimberlite at the AK property in the Northwest Territories, Mountain Province Mining, which holds a half interest in the property, reached a high of $6.30 before slipping to $5.35, for a gain of 75 cents. Alberta-listed Glenmore Highlands, with a 40% interest, rose as high as $4.45 before pulling back to $4, losing 25 cents, and Camphor Ventures, with 10%, climbed to $2.70 before falling back to $2.37, up 50 cents. Monopros, the Canadian subsidiary of De Beers Consolidated Mines, can earn up to a 60% interest in the AK-CJ properties.

Cabo Exploration Ventures fell 23 cents to close at 14 cents after final assay results for a 19-hole program on the Trinidad concession in Cuba revealed gold mineralization in only seven of the holes, with values of up to 1.77 grams per tonne over 7 metres. In light of the results, Cabo reports that it is in discussions with partner Geominera to determine the company’s future in Cuba.

A private placement of up to 909,091 flow-through shares at a price of 55 cents each has been arranged by Cross Lake Minerals. Proceeds will be used to fund exploration work on its Sheraton-Timmins property in Ontario and on other properties in Ontario and British Columbia. At the Night Hawk Lake project, near Timmins, Toronto-listed Golden Knight Resources released results for a final six holes which intersected gold values as well, as anomalous base metal values, over wide intervals. The Nighthawk property is held 40% by Cross Lake, down 7 cents to 58 cents, 40% by East West Resource, down a nickel at 31 cents, and 20% by Canadian Golden Dragon Resources, down 5 cents at 29 cents. Golden Knight can earn up to a 60% interest in the property.

Madison Enterprises slipped 70 cents to $2.20 after releasing results from a further 23 holes on the Mt. Kare gold-silver property in Papua New Guinea.

Drilling has extended the western Roscoelite and Black zones. On the northern extension of Roscoelite, hole 44 intersected a 30-metre interval averaging 13.68 grams gold and 42.69 grams silver, 100 metres beneath an old trench, where 11 samples averaged 182 grams gold and 1,170 grams silver.

Consolidated Nu-Media Industries is going after what DiamondWorks and Kensington Resources failed to acquire — a half interest in the Changma diamond mine, plus a half interest in two diamond exploration concessions in the Shandong province of China. A purchase price of $23 million is to be paid by the issuance of almost 7.1 million shares at a deemed price of $3.25 per share. Consolidated Nu-Media closed down 35 cents at $2.90 before being halted.

Pacific Comox Resources has teamed up with Anmercosa, a division of South African-based Anglo American, to explore the Subin gold property in Ghana.

Under terms of the joint venture, Pacific Comox retains a one-third interest, while Anmercosa has a two-thirds interest and is responsible for funding exploration through to the completion of an appraisal study. Pacific Comox was down 3 cents at 35 cents.