MINING MARKETS & INVESTMENT NEWS – WESTERN MARKETS — Argentina Gold remains star player in weak western markets

The Vancouver Stock Exchange composite index lost 5.13 points, or 1.34%, over the report period ended Dec, 21, and closed at 377.37. The mining index followed suit, losing 3.23 points, or 1.13%, and finishing at 283.59.

Meanwhile, the combined value of the Alberta Stock Exchange dropped 27.93 points, or 1.65%, and closed out the week at 1662.97.

Argentina Gold remained the sweetheart of the Vancouver Exchange, gaining 15 cents and closing at $5.50.

Toronto-listed Barrick Gold, mailed its formal offer to acquire the outstanding shares of Argentina gold for $4 cash per share. The offer will expire at midnight on Jan. 9. The offer is conditional on Barrick’s acquiring at least 50.1% of the company’s shares.

Winspear Resources tacked on 8 cents and closed at $3.10. For unknown reasons, the junior diamond explorer has been trading heavily over recent weeks. The company holds a 67.8% interest in the Camsell Lake project in the Northwest Territories. Toronto-listed Aber Resources holds the remainder.

Madison Enterprises lost a dime and closed at $2. The company is awaiting results from the latest group of diamond drill holes from its Mt. Kare gold deposit in Papua New Guinea. The results of the 30 holes are now scheduled to be released in mid-January.

Anzex Resources lost 6 cents and closed at 27 cents. The Vancouver Stock Exchange ordered former president Donovan Hoult to close down a web site from which he was waging a battle against the company. Anzex removed Hoult after a disagreement on the interpretation and dissemination of early drill results from the Longwoods platinum and palladium project in New Zealand.

BMA Mining dropped 2 cents and finished at 16 cents. The company spent US$75,000 in order to secure a 25% participating interest in 4,000 acres of potential oil and gas properties in Kern Cty., Calif.

St. Jude Resources lost a dime and closed at 90 cents. More results from the company’s Hwini-Butre concession in Ghana, West Africa, have been received.

The company put down a number of holes in each of the Adoikrom, Seikrom and Dabokrom prospects. Highlights include: hole ADK-40, which intersected 10 metres averaging 6.38 grams gold on the Adoikrom prospect; hole SEK-6, which cut 5.92 grams over 11 metres on the Seikrom prospect; and hole DSZ-38, which hit 11 metres of 4.3 grams on the Dabokrom prospect. On the Father Brown zone, drilling intersected 2 metres grading 45.02 grams gold in hole FBZ-21 and 3 metres grading 28.23 grams in hole FBZ-17.

Alberta-listed Minera Andes lost 3 cents and closed at 58 cents. The company signed an joint-venture agreement with Minera BMG, the Argentine subsidiary of Battle Mountain Gold, for a half-interest in Minera Andes’ Los Azules gold exploration property in San Juan, Argentina. Minera BMG must spend US$1.3 million on exploration over the next four years and make periodic cash payments. BMG can earn an additional 10% interest by spending another US$1.3 million in two years.

In related news, Minera Andes has given a notice of withdrawal to Montreal-listed Pegasus Gold regarding the Arroyo Verde gold property in Chubut province, Argentina. Results from a 1,000-metre program of reverse-circulation drilling did not meet Minera Andes’ objectives.