CDNX continues bull run (January 14, 2002)

Vancouver — Canada’s junior exchange continued its bull run during the week ended Jan 8. The Standard & Poor’s-CDNX composite index jumped 47.75 points, or 4.6%, and closed at 1,084.34.

Donner Minerals was the volume leader, trading 2.1 million shares. Donner holds a majority stake in the South Voisey’s Bay nickel sulphide project in Labrador. The junior closed at 22 up 3.

Pan Asia Mining tacked on 4 to finish at 11 with 1.7 million shares traded. The company is eyeing a listing on the Nasdaq with the backing of Valley Forge Securities. Pan Asia recently agreed to a private placement of up to 31,362,000 units priced at 10 per unit, for proceeds of $3.1 million.

Majescor Resources lost 25 and closed at $1.35 with 1.4 million shares crossing the floor. The company recently closed two private placement financings brokered by Dundee Securities worth $900,000. The proceeds will be used for exploration and development of the company’s diamond projects in northern Quebec. The junior has a large land position surrounding Ashton Mining of Canada’s new diamond find in the Otish Mountains region.

Sirios Resources lost a penny and closed at 27 with 1.2 million shares traded. The junior recently raised $115,000 consisting of flow-through shares priced at 15 per share. Proceeds will be applied to its exploration properties in Quebec. Diamond indicator mineral analysis is ongoing on the 33 Carats project, adjacent to the Ashton-Soquem property.

IBI found a penny and closed at 6 on a volume of 1.1 million shares. Shareholders recently exercised warrants to acquire 5.1 million shares at $0.045 each, for $232,000. The company will use these funds to finance work at its vermiculite mine in Uganda.

Poplar Resources closed at 14, up 1, with just over 1 million shares traded. The junior announced that 19 of the first 20 till samples collected from its wholly owned Nottaway diamond project, in the James Bay Lowlands of Quebec, returned kimberlite indicator minerals.

Canabrava Diamonds lost 2 and closed at 38 with 852,000 shares traded. At last report, the company closed a private placement worth $740,000 and signed a deal to earn a half-stake in Majescor’s Mistassini project, near the Otish Mountains region of Quebec.

Freewest Resources lost 3 and closed at 27 with 804,000 shares traded. At last report, the junior completed a private placement with MTAX 2001 Mineral Limited Partnership of Vancouver for net proceeds of $110,000. Freewest will use the money to develop its Clarence Stream project in New Brunswick and its Lizar project in Ontario.

Silver Standard Resources rocketed 21 to $4.50 on the exchange of 897,000 shares. The company is drilling the Manantial Espejo silver project in Argentina.

Leader Mining International managed to tack on 70 and close the week at $2.70 with 678,000 shares traded. The company intends to advance its magnesium prospect, near Harrison Lake in British Columbia.

Failing to get a boost on news of more high-grade gold values at its Phuoc Son property in central Vietnam, Olympus Pacific Minerals ended the week down 2 to 75 on 252,000 shares. Initial grabs samples across an 80-metre section returned up to 391.3 grams gold and 7 grams silver per tonne. The average grade of the 11 samples was 71.2 grams gold and 1 gram silver per tonne.