CDNX slips under 3,000 mark

Vancouver — The blood-letting continued on Canada’s junior exchange as all indices lost ground over the report period ended Nov. 28. The Canadian Venture Exchange composite index slipped below the 3,000 mark, losing 69.17 points, or 2.3%, to finish the week at 2,977.85. The mining index fared slightly better, losing 47.04 points, or 1%, to close at 4,483.23.

Naneco Minerals got a boost after announcing a joint venture with Chapleau Resources to explore for rare minerals (including tantalum, beryllium, cesium and rubidium) in the Cordillera of western North America. Shares of Naneco climbed 15 to finish the week at 31, with 1.9 million shares changing hands. Meanwhile, Chapleau ended the week at 80, up 11 on a volume of 103,000 shares.

Tiberon Minerals closed at $1.05, up 33 on 1.6 million shares. The shares regained ground after the previous week’s beating when drill results from the Nui Phao tungsten-bismuth-copper-gold target, in Vietnam, failed to meet market expectations. Investors appear to be positioning themselves ahead of the next round of results. Tiberon has mobilized a third drill rig to the property and inked a contract for an additional 6,000 metres of work.

Pan Asia Mining lost 2 to close at 9, with 1.2 million shares crossing the floor. The company has backed out of its plan to diversify into the oil industry and will remain focused on its existing mining and exploration projects in China, including the 701 diamond mine.

Emerging Africa Gold lost 3 and finished the week at 24 on a volume of 925,000 shares. The junior recently acquired a 51% interest in a Brazilian company, Juina Mining Mineracao, which owns the rights to Property 1,000 in Brazil. The property hosts diamond-bearing gravels and related recovery equipment. Juina Mining is following up on four magnetic anomalies.

New Blue Ribbon Resources remained flat at 18 on the trading of 805,000 shares. The Alberta-based junior announced that its first hole on the Kendu target, part of the Legend diamond property in Alberta, hit an ultramafic breccia at a depth of 91.4 metres.

Joint-venture partner Montello Resources lost 2 to close the week at 9 on 619,000 shares.

International Wayside Gold Mines lost 7 and hit a low of 23, with 649,000 shares crossing the floor. The Frank Callaghan-led company is drilling the Bonanza Ledge gold prospect, near Quesnel, B.C. The company has completed 48 diamond drill holes, and results are pending for two stepout holes.

Muskox Minerals remained steady at $3.45 on a modest volume of 437,000 shares. The company is in the midst of a drill program targeting the Keel-1 West platinum-palladium target in Nunavut.

Andean American Mining rallied on news that Placer Dome has 60 days to evaluate the company’s Santa Rosa gold project in Peru before entering into a option agreement. The junior closed at 41, up 13 on 308,000 shares.