WESTERN MARKETS — Investors hunt for takeover targets

The Vancouver Stock Exchange composite index lost 1.56 points to close the report period ended Feb. 23 at 407.22. The mining index dropped 2.23 points, finishing at 289.46. Meanwhile, the combined value of the Alberta Stock Exchange slumped 36.07 points to end the week at 1,872.42.

Alberta-listed Tan Range Exploration rocketed 34 cents to 58 cents. The company attributes the sudden rise in both price and volume to increased investor interest resulting from Barrick Gold’s imminent acquisition of Sutton Resources. Tan Range controls a 190-sq-km mineral concession next to Sutton’s Bulyanhulu deposit in Tanzania.

Balaclava Mines plummeted 15 cents to 12 cents. The company decided to drop its El Corazon property in Ecuador, stating that results obtained from recent drilling could not justify continued exploration.

Donner Minerals jumped 8 cents to 33 cents on news that it intends to option 511 mineral claims from Falconbridge. The claims are in the Lac Rocher area of northwestern Quebec. In order to earn a half-interest, Donner must pay $250,000 and spend $2 million on exploration over the next two years.

Argentina Gold lost a nickel, closing at $4.20. The drop is the result of investor ambivalence over drill results from the company’s Veladero project in northwestern Argentina. Hole 108, collared 10 metres from hole 80 (212 metres of 3.67 grams gold and 47.71 grams silver per tonne), returned 304 metres averaging 1.53 grams gold and 26.44 grams silver.

Francisco Gold jumped 35 cents to $9.10. In these times of merger mania, the market is speculating as to which companies might prove attractive to majors in the near future. Francisco Gold’s wholly owned El Sauzal gold project in Chihuahua state, Mexico, contains 3.6 million oz. gold in 50 million tonnes grading 2.21 grams.

St. Jude Resources added 15 cents to close at 86 cents. The company released further diamond drill results from the Hwini-Butre concession in Ghana.

Recent drilling in the Father Brown zone returned 2 metres averaging 45.2 grams gold in hole FBZ-21; 11 metres

of 6.71 grams gold in FBZ-28; and 2 metres of 22.99 grams gold in FBZ-25.

Energold Mining tacked on 7 cents at 73 cents following the launch of a 2,000-metre, 10-hole drill program on the San Antonio-1 concession in the Dominican Republic. Toronto-listed Atna Resources stands to earn a 60% interest in the property by spending US$3 million over four years and issuing US$300,000 in Atna shares.

NDT Ventures lost 2 cents at 14 cents. The company signed a letter-of-intent with Toronto-listed Freewest Resources to acquire a half-interest in 27 mineral claims near Lac Rocher in northwestern Quebec. To earn its share, NDT must pay Freewest $13,500 in cash and $5,400 in shares, as well as spend $81,000 on exploration.