Junior exchange rides golden bull

Vancouver — Canada’s junior exchange continued its bull run as gold broke through the US$400-per-oz. mark over the 5-day trading period ended Dec. 2. The S&P-TSX Venture Exchange composite index rocketed 80.63 points, or 4.9% of value, to close at 1,711.76.

Oasis Diamond Exploration got a boost, adding 6 and finishing at 11 with 13.5 million shares traded. The company is awaiting sample results from the Wawa diamond project in Ontario. Some 2,000 kg of kimberlitic core samples from the Sigma property, together with surface samples from the Enigma site, were sent to C.F. Mineral Research in Kelowna, B.C. Meanwhile, six large samples of heterolytic volcanic breccias from the Magpie project have been sent for diamond analysis to Lakefield Research.

Making a nice percentage move, JNR Resources added 15 to close at 26 on a volume of 8.2 million shares. The junior recently dealt an option on its Moore Lake and Lazy Edward Bay uranium properties to International Uranium. The prospective project is in the Athabasca Basin of northern Saskatchewan.

Cabo Mining continued to attract investors, adding 3 to its value and closing at 12 with 7.7 million shares traded. The junior holds exploration ground in Ontario and recently completed a share consolidation.

ECU Silver Mining closed at 27, up 3, with 7 million shares changing hands. The company holds several silver properties in Mexico.

Akrokeri-Ashanti Gold Mines added 6 to close at 11 with 6.9 million shares crossing the floor. The alluvial miner holds an 85% stake in the Bonte gold mine and a 90% interest in the Goldenrae project, both of which are in Ghana, West Africa.

Bishop Resources climbed 10 to close at 24 with 6.7 million shares changing hands. The junior recently extended the closing date for the purchase of the Al/Bonanza and Lawyers property in the Toodoggone district of north-central British Columbia to March 31, 2004. Bishop is required to spend $4 million over five years, pay $775,000 (of which $700,000 are advance royalty payments) over five years, and issue 19.9% of the outstanding shares of Bishop (roughly 10 million) at the closing of the acquisition.

Spider Resources finished the week up 2 to 13 with 5.9 million shares traded. The company and its joint-venture partner, KWG Resources, are exploring the McFaulds no. 3 volcanogenic massive sulphide occurrence, about 1 km southwest of the McFaulds no. 1 prospect. So far only one hole has been drilled into the new discovery. Recent assays include a 0.3-metre section of mineralization averaging 36.22% zinc, near the top of a 26-metre-thick massive sulphide accumulation. KWG ended the week at 27, up 9 with 2.2 million shares traded.

American Bonanza Gold Mines closed at 43, up a penny, with 5.9 million shares traded. The company is in the midst of underground drilling at its Copperstone gold project in Arizona. Exploration is also under way at the junior’s Gold Bar property in Nevada’s Battle Mountain-Eureka mineral belt.

International Wayside Gold Mines tacked on 6 to finish at 28 with 4 million shares traded. The Frank Callaghan-led junior announced a $2-million financing 13.5 million units priced at 15 each. The funds are earmarked for exploration and development of the Cariboo gold project, near Wells, B.C.