MINING MARKETS & INVESTMENT NEWS – WESTERN MARKETS — Bearish sentiment prevails among junior stocks

The Vancouver Stock Exchange composite index rose 3.82 points, or 0.91%, and finished the week ended March 30 at 423.39. The mining index wandered into bear territory and dropped 3.22 points, or 1.05%, to close the week at 303.89.

Meanwhile, the combined value of the Alberta Stock exchange rocketed 59.65 points, or 3.1%, and closed at 1,978.78.

Alberta-listed Oro Nevada Resources was this week’s mover and shaker. Market speculation of a possible acquisition propelled the company’s issue 59 cents to close at $1.30. Oro Nevada is in advanced negotiations concerning its previously announced $1.2-million private placement financing. If the financing goes forward, Oro Nevada will raise its cash position to $9.2 million.

Argentina Gold held on to a spot on the Vancouver Stock Exchange’s most active list after announcing it had intersected more high-grade gold at the Filo Federico target on its Veladero property in Argentina. The company’s issue rose 25 cents and closed at $6.75. Hole 135 intersected 197 metres averaging 4.95 grams gold, including a 41-metre section of 13.72 grams gold. Silver assays are pending.

Winspear Resources tacked on 25 cents and finished the week at $3.40. The company has engaged itself in a legal duel with its joint-venture partner, Toronto-listed Aber Resources, over the two company’s respective interests in the Camsell Lake property in the Northwest Territories. In response to Winspear’s move to halve its interest, Aber filed a statement of claim with the Supreme Court of British Columbia stating that Winspear did not provide execution documents for the 1999 exploration program, contrary to Winspear’s previous practices.

Victory Ventures rose 7 cents and closed at 40 cents. The company has dropped its option to earn an interest in 23,331 ha of ground in Zacatecas state, Mexico, and has acquired all of the assets of Webdex Data for 742,727 shares at 15 cents per share, as well as the forgiveness of $82,238 debt.

Ascot Resources and Major General Resources announced that joint-venture partner De Beers Consolidated Mines has launched a 3-phase exploration program on the Victoria Island diamond property in the Northwest Territories. The program will consist of ground geophysics, core drilling and analysis of sample and Landsat data to identify additional targets on the property. The property is jointly owned by Major General and Ascot. De Beers stands to earn a 51% interest. Ascot tacked on 6 cents and closed at 36 cents, while Major General remained steady at 28 cents.

Starcore Resources lost a nickel and closed at 35 cents. The junior announced that it has optioned two more properties in the Atikokan area of northwestern Ontario. Both properties cover mafic-to-ultramafic intrusions that are prospective targets for base metal and platinum-palladium mineralization.