Junior exchange shows holiday cheer

Vancouver — Canada’s junior exchange continued to gain ground over the holiday-shortened week ended Dec. 29. The S&P-TSX Venture Exchange composite index tacked on 64.75 points, or 3.89%, to close at 1726.88.

International Taurus Resources closed at 48, up 11, with 1.97 million shares traded. The junior is the operator and 62% owner of the Fenelon joint venture project in northwestern Quebec, where a decline ramp is being driven to prove up reserves.

Inter-Citic Mineral Technologies closed at $1.44, down 5 on a volume of 1.8 million shares. The company recently inked a joint-venture deal with the Beijing Institute of Geology to explore the Zalantun group of properties. The agreement covers three properties, or 125 sq. km, in Inner Mongolia.

Spider Resources ended the week up 2, to 13, with 1.3 million shares crossing the floor. The junior and its joint-venture partner, KWG Resources, are working their Spider 3 base metal prospect in the James Bay Lowlands of northern Ontario. KWG finished the week flat at 32 with 444,000 shares traded.

Stroud Resources added 4 to its value and closed at 17 on a volume of 1.2 million shares. The company is exploring for gold and other precious metals in Ontario and Mexico. Among its assets are a half-stake in the joint-ventured Santo Domingo epithermal silver-gold project in central Mexico and 100% interests in the Hislop gold property, near Timmins, Ont., and the Leckie gold property, near North Bay, Ont. Stroud also generates cash flow from a 3.75% interest in two natural gas wells in central Alberta.

American Bonanza Gold Mines added 4 to its value and closed at 37 as 1.2 million shares were swapped. The junior has resumed drilling at its 95%-owned Gold Bar property in Nevada.

International Northair Mines got a boost following news that trenching on its El Tesoro project in Mexico’s Durango state had returned up to 27 grams gold per tonne over 6 metres. Shares closed at $1.05, up 34 on a volume of 989,000.

JNR Resources moved higher, adding 3 and closing at 35, with 965,000 shares traded. JNR recently dealt an option on its Moore Lake and Lazy Edward Bay uranium properties to International Uranium. The prospective projects are in the Athabasca Basin of northern Saskatchewan.

Quaterra Resources tacked on 9 and closed at 53, with 905,000 shares changing hands. The junior is planning a 15-to-20 hole, 5,000-metre program of diamond drilling at its Nieves silver project in Mexico. Quaterra recently completed geophysical work, including an induced-polarization survey. The company’s Nieves silver project consists of 17 concessions covering roughly 130 sq. km.

Bishop Resources closed at 20, down 1 with 895,000 shares exchanged. The company is gearing up for winter drilling at its Gordon Lake property, 80 km northeast of Yellowknife, N.W.T.

Tyler Resources closed at 10, up a penny on 611,000 shares. The company recently closed a $150,000 private placement in which it sold 2.5 million units priced at 6 apiece. A unit consists of one share and one non-transferable share purchase warrant. Each warrant entitles the holder to buy one additional share for 10 until Dec. 23, 2004. Proceeds will be used to conduct airborne geophysical work on the Bahuerachi porphyry copper-gold project in Mexico’s Chihuahua state.