Junior market follows war trends

Vancouver — Canada’s junior exchange earned back some of last week’s losses as American and British forces moved closer to Baghdad during the week ended April 1. The S&P-TSX Venture Exchange composite index added 9.41 points, or 0.9% of its value, and closed at 1,051.61.

Spider Resources continued to be the most actively traded junior explorer, ending the week up a penny to 13 with 7.9 million shares traded. The junior and its joint-venture partner, over-the-counter-listed KWG Resources, have begun diamond drilling on their Spider 3 base metal prospect in the James Bay Lowlands of Ontario. Diagem International, which owns 37.84% of KWG Resources, closed up 1 to 27 on a volume of 1.2 million shares.

Poplar Resources closed the week flat at 6 on 1.7 million shares. The company has diamond projects in Finland, Sweden, Quebec and Ontario. In addition, it holds the Bottenbacken polymetallic project in Sweden.

Atacama Minerals lost 2 and finished the week at 59 with just over 1 million shares traded. The Lundin-led company holds a half-stake in the Aguas Blancas iodine deposit in Chile’s Atacama Desert. The mine started up in April 2001 at the annual a rate of 800 tonnes of iodine. Planned expansion will increase annual production to 1,500 tonnes of iodine, 100,000 tonnes of nitrate and up to 300,000 tonnes of sodium sulphate.

Tom Exploration closed at 40, up 2, with 947,000 shares traded. The company inked a deal with Abcourt Mines and Aunore Mines to buy an 80% interest in the Elder gold mine and the Tagami exploration property in the Rouyn-Noranda camp of Quebec. The Elder gold mine is dormant but has all the necessary mining equipment for a quick resumption of operations.

JNR Resources closed flat at 5 with 947,000 shares traded. The company recently announced a non-brokered private placement totalling $100,000. JNR hopes to begin a 15-hole drill program on the Moore Lake uranium property in northern Saskatchewan.

Archangel Diamonds jumped 7 and closed at 50 with 821,000 shares traded. The junior holds the right to earn 40% of all profits from the mining of diamonds in the 400-sq.-km Verkhotina area of northwestern Russia, which hosts the Grib pipe. For the past three years, Archangel has sought political and legal assistance in an effort to induce its Russian partner to transfer the diamond licence to its 40%-owned company, Almazny Bereg.

Trio Gold remained steady at 12, with 809,000 shares traded. The company recently completed a $1.2-million financing by selling 8.9 million units priced at 13 per unit. Proceeds will be used to explore the wholly owned Rodeo Creek property, 56 km northwest of Carlin, Nev.

IMA Explorations lost a penny and closed at 95 with 780,000 shares traded. Toronto-listed Barrick Gold has agreed to extend to late 2003 the selection notice period in an option agreement regarding the Potrerillos or the Rio de las Taguas property. By that time, Barrick can decide if it will continue with an option to earn an interest in either of the projects. In return for the extension, the major will pay IMA US$65,000, which will be used to make the payments to maintain the option properties in good standing.