MINING MARKETS & INVESTMENT NEWS — WESTERN MARKETS — Composite index takes tumble in Vancouver

The Vancouver Stock Exchange composite index dove 6.15 points, or 1.5%, to close at 406.06 over the report period ended Sept. 14. The mining index lost 3.1 points, or 1.1%, to finish the week at 274.85.

Meanwhile, the combined value of the Alberta Stock exchange rocketed 62.79 points, or 2.35%, to finish at 2731.99.

Chapleau Resources tacked on 45 cents to close at $1.20. The company announced it has discovered several new lead-zinc surface showings on its PAKK claim group near Kimberly, B.C. The company intends to follow up on these showings by performing soil geochemistry, geological mapping and further prospecting. Chapleau hopes to initiate a drill program in October.

Sedex Mining jumped 7 cents to close at 10 cents. The company announced plans to drill a Sullivan-type lead-zinc target on the Irishman property in British Columbia. Previous drilling intersected 2.5 metres averaging 9.6% zinc, 5.8% lead and 49 grams silver per tonne.

North American Tungsten closed at 26 cents, up 9 cents. The company announced it has the rights to a patented technology that significantly reduces tungsten-processing costs and is environmentally safe.

Eaglecrest Exploration closed at 44 cents, up 7 cents on news of its bulk-sample results from the company’s San Simon gold project in Bolivia. The company says it recovered 18.6 grams gold from four separate 2-tonne charges obtained from within the Paititi pit. The samples were processed through an independent, on-site mill.

Major General Resources lost 7 cents to finish the week at 14 cents. The company received diamond recovery results from its Snowy Owl kimberlite pipe on the Victoria Island property in Nunavut. From a 438-kg sample were recovered 790 diamonds, which averages out to 1.8 diamonds per kilogram of material. Four of the diamonds were classified as macros. The Victoria Island property is a joint venture between Major General, Monopros and Ascot Resources. Monopros stands to earn a 51% interest, with Major General and Ascot splitting the difference. Ascot lost 2 cents to close at 23 cents.

Great Basin Gold tumbled 47 cents to finish the week at $2.08. In addition to begining a 50,000-ft. drill program on its wholly owned Ivanhoe property on the Carlin trend in Nevada, the company has received a $6.3-million financing.

Winspear Resources lost 6 cents at $2.83. The company released its Snap Lake scoping study, in which MRDI Canada determined that the project can of supporting underground mining at the daily rate of 3,000 tonnes. Production would begin from an open pit on the northwestern peninsula at the daily rate of 1,000 tonnes.