HMINING MARKETS & INVESTMENT NEWS — WESTERN MARKETS — AG settles following Homestake deal

The Vancouver Stock Exchange composite index edged up 1.03 points, or 0.02%, to finish the week ended April 27 at 436.51. The mining index lost 1.95 points, or 0.6%, and ended at 310.56.

Meanwhile, the combined value of the Alberta Stock Exchange rocketed 71.33 points, or 3.31%, to close the week at 2,223.54.

LMX Resources jumped 10 cents and closed at 12 cents. The company announced that it intends to issue 12.5 million shares to settle outstanding debts. About 10 million shares will be issued at 23.18 cents. The remaining shares will be issued at 15 cents.

Argentina Gold lost 30 cents and closed at $6.80. Shareholders voted overwhelmingly in favour of San Francisco-based Homestake Mining’s takeover bid, and will receive 0.545 share of Homestake in return for each share of AG.

New Guinea Gold intersected 97.5 metres of epithermal gold mineralization, which assayed 1 gram gold per tonne at its Kabang prospect in the Fini Islands of Papua New Guinea. The intersection was an extension of a previous hole, which also returned positive gold assays. In total, the hole contained a 188.5-metre interval that averaged 1 gram gold. New Guinea Gold tacked on a nickel and closed at 12 cents.

Pan Asia Mining rose 41 cents and finished the week at 98 cents. The company is issuing a 10-million-unit private placement and convertible debenture worth $7.8 million. Proceeds will go toward financing the 701 Changma diamond mine in China.

Polymet Mining lost 32 cents and closed at $1.78. Results from pressure oxidation metallurgical tests were released for the company’s low-grade Northmet polymetallic deposit in Minnesota. Results from Lakefield Research Laboratories indicate that recoveries from the bulk concentrate are:

• 97.5% copper; 92.5% nickel; 92.5% cobalt; and 94% gold.

Norcan Resources and International Roraima Gold saw heavy trading that doubled their stock values. Both companies closed at 4 cents and reported no material changes.

Atacama Minerals found a penny and closed at 8 cents. Construction of small-scale heap-leach pads is under way at the company’s Aguas Blancas property, near Antofagasta, Chile.

Consolidated Westview Resources and partner Avalon Ventures have launched an exploration program on their jointly held Dubenski property, near Kenora, Ont. The work will consist of ground geophysical surveys followed by mapping and drilling on the East Cedartree target. Consolidated Westview lost 2 cents and closed at 15 cents. Avalon closed at 72 cents, up 7 cents.

Camnor Resources and partner Copper Ridge Resources announced that drilling has begun on the Discovery Gulch property in Alaska. Four initial reverse-circulation holes will test gold-bearing trenches discovered last year. Camnor closed at 20 cents, up 4 cents, while Copper Ridge tacked on a penny to close at 45 cents.