All’s well on the western front

Vancover — All indices on Canada’s junior market, now a wholly owned subsidiary of the Toronto stock exchange, continued to post gains during the report period ended May 29. The TSE’s recent, $50-million acquisition offer was given the nod by 95% of the shareholders of CDNX.

The Canadian Venture Exchange composite index tacked on 41.08 points, or 1.25%, to close the week at 3,322.54. The mining index added 70.85 points, or 1%, to finish at 7,144.36.

Shares in Poplar Resources continued to change hands at a fast and furious pace. The company’s 65%-owned subsidiary is completing geochemical surveys over the Bottenbacken polymetallic property and is drill-testing the Sundsvall diamond project. Both projects are in central Sweden. Poplar ended the week at 16, up 2, with just over 3 million shares traded.

Investors bailed out of New Blue Ribbon Resources following the release of assay results from the first round of drilling on the Moose diamond property in Manitoba. The stock plunged 16 to close at 17 on a volume of 2.7 million shares. Blue Ribbon’s joint-venture partner, BHP Diamonds, tested seven magnetic anomalies on the project without hitting kimberlite.

IBI traded heavily but closed the week flat at 6 with just over 2.6 million shares crossing the floor. The company is developing its wholly owned Namekara vermiculite project in Uganda.

Gallery Resources ended the week down a penny at 16 with 1.2 million shares changing hands. The junior has been increasing its land position in central Newfoundland, having recently picked up the Baker Brook massive-sulphide property, which adjoins its Gullbridge Mine property.

Shares in Donner Minerals tacked on 3 to close the period at 16 on a volume of 1.2 million shares. Investors have bid up the stock following the creation of SVB Nickel Co. To form the new entity, the junior pooled some of its interests in the Voisey’s Bay area of Labrador with ground held by Cypress Development, NDT Ventures, Rcom Venture and Curion Ventures.

Montello Resources lost a penny and closed at 13 on the exchange of 903,000 shares. The junior holds the Peace River diamond property in Alberta and is looking for diamonds with partner Kennecott Canada in Manitoba. Montello also holds the Kukagami nickel/copper/platinum-group-metal claims, near Sudbury, Ont.

Kensington Resources announced it was adopting a shareholder rights plan to protect itself from unfair, abusive or coercive takeover strategies. Kensington ended the week down 3 to 65 on a volume of 601,000 shares.

Cantex Mine Development reversed the gains it made in the previous week, losing 3 and finishing the recent report period at 11 on 594,000 shares. A major gossan formation has been identified some 24 km north of the company’s Suwar nickel-copper-cobalt prospect in Yemen, with assay results pending.