MINING MARKETS & INVESTMENT NEWS — WESTERN MARKETS — VSE quiet during short trading week

The Vancouver Stock Exchange composite index lost 2.01 points, or 0.5%, to close at 420.62 over the holiday-shortened report period ended Oct. 12. The mining index followed suit by dipping 2.21 points, or 0.7%, to finish at 301.42.

Meanwhile, the combined value of the Alberta Stock Exchange dropped 18.69 points, or 0.7%, to close at 2,854.06.

Valerie Gold jumped 12 cents to close at $1.03. The company is gearing up for 1,500 metres of diamond drilling on the Santa Barbara property in Ecuador. The program will test a strong induced-polarization geophysical anomaly that is coincident with gold and copper soil anomalies.

Highgrade Ventures closed at 48 cents, up 13 cents. With its diamond recovery plant commissioned, Highgrade and partner Tapajos Gold have begun production at their alluvial diamond project in Brazil. Tapajos and Highgrade are in the midst of a merger agreement. Tapajos remained steady at 29 cents.

Winspear Resources added 4 cents to its value and closed at $2.52. The junior diamond explorer has arranged a $14-million financing through Deutsche Bank Securities, Canaccord Capital and Yorkton Securities. Proceeds will be applied to the company’s 67.76%-owned Camsell Lake project in the Northwest Territories. Toronto-listed Aber Resources holds the remaining interest.

St. Elias Mines closed down 3 cents at 31 cents. The company has completed mapping and sampling on the Cueva Blanca property in northern Peru. Results will be used to identify drill targets. St. Elias stands to earn a 70% stake in the property from Inca Pacific Resources. Inca Pacific closed at 24 cents, up 6 cents.

Alberta-listed EXP Resources almost doubled its value, climbing 14 cents to close at 30 cents. However, the company says it is not aware of any developments that would explain the increase.

Gabriel Resources tacked on 45 cents to close at $1.60. The prefeasibility study on the Rosia Montana gold-silver deposit is expected to be completed by the end of November and a preliminary resource estimate for the Certej project should be tabled in October.

Foran Mining lost 31 cents and closed at 85 cents. The company has been performing infill and stepout drilling in order to expand its McIlvenna Bay massive sulphide deposit in northern Saskatchewan. A new tonnage and grade estimate is expected shortly.

Grayd Resource lost 3 cents and closed at 15 cents. After receiving results from a 10,260-ft. drill program on the Dry Creek volcanogenic massive sulphide project in Alaska, Toronto-listed joint-venture partner Atna Resources has decided to terminate its option to earn a 51% interest in Grayd’s properties.