MINING MARKETS & INVESTMENT NEWS — WESTERN MARKETS — Vancouver markets slump while Alberta heats up

The Vancouver Stock Exchange composite index dropped 6.22 points, finishing the week ended Nov. 23 at 386.77. The mining index also lost ground, shedding 2.48 points at 261.38. The combined value of the Alberta Stock Exchange tacked on 9.24 points to close the week at 2,987.11.

Alberta-listed Leader Mining International was the week’s market mover, finishing at $1.54, a gain of 64 cents. Leader recently signed an agreement allowing Korea Resources to earn a 50% interest in the Knife Lake polymetallic project in Saskatchewan by spending $5.2 million.

Another market winner was Alberta-listed Asia Minerals, which closed up 14 cents at 28 cents. The company announced that 12.3 million shares held by bankrupt Royal Oak Mines were sold to a group of investors. Asia Minerals holds a 25% interest in Arizona’s Copperstone gold project with an option to earn 80%.

Gabriel Resources lost a dime, closing at $1.80. Gabriel is working the Rosia Montana and other gold properties in Romania.

Hunter-Dickinson led Great Basin Gold, in the midst of an aggressive drill program on its wholly-owned Ivanhoe gold property in Nevada, lost 25 cents at $1.90.

Still lingering near the low end of its 52-week range, diamond explorer Winspear Resources dropped 10 cents at $2.30. The company plans to begin another bulk sampling program on its Snap Lake kimberlite in the Northwest Territories. Winspear holds a 67% interest in the Camsel Lake property, while Toronto-listed Aber Resources holds the remainder.

Champion Resources dropped 25 cents, leveling off at 80 cents. The junior is tendering construction contracts for its Farim phosphate mine in West Africa.

Alberta-listed Tan Range Exploration dropped 12 cents at 34 cents. The junior recently paired up with Toronto-listed Barrick Gold on the Itetemia gold property in Tanzania. Barrick stands to earn a 60% interest in the property.

Inca Pacific Resources lost 7 cents to close at 30 cents. The company recently raised $300,000 to explore its properties in Peru and for working capital purposes.

Alberta-listed Birch Mountain Resources jumped 15 cents at $1.53 after closing a non-brokered private placement of $565,000. The cash will be used for working capital, at its Prairie Gold project in western Canada, and in the exploration of diamonds in Alberta with Toronto-listed partner Tahera.

Valerie Gold rose 19 cents to close at 89 cents on speculation that drilling will soon begin at its Santa Barbara gold-copper property in Ecuador. The property is a 50-50 joint venture with Toronto-listed TVX-Normandy.

Arizona Star Resources jumped 8 cents to $1.10 on stronger gold prices. The company holds a 25% interest in the Cerro Casale gold-copper deposit, on the Aldebaran property in northern Chile. Toronto-listed Placer Dome and Bema Gold hold a 51% and 24% interest, respectively.