MINING MARKETS AND INVESTMENT NEWS – WESTERN MARKETS — Composite, mining indices dip in Vancouver, Alberta

The Vancouver Stock Exchange composite index lost 3.57 points, or 0.56%, to close at 632.51 over the report period ended April 21. The mining index also dipped, losing 8.2 points, or 1.6%, to close at 501.89. The combined value of the Alberta Stock Exchange fell 8.08 points, or 0.36%, to close at 2260.2.

Archangel Diamond jumped 58cents to close at $1.63. The company received financing from Task Holdings to the tune of US$10 million. The proceeds will be put towards continuing work on the Grib kimberlite pipe in northwestern Russia. A technical report prepared for Task Holdings by De Beers Consolidated Mines has confirmed results previously released by Archangel.

Based on an evaluation of 2,200 diamonds greater than 1 millimeter in diameter, De Beers estimates that the stones have an average value of US$72 per carat. The report also indicates that the pipe should contain about 70 million tonnes grading 0.7 carat per tonne based on an open-pit mining proposal.

El Misti Gold announced that its 10,000-metre drill program at the Sinchao polymetallic property in Peru is under way. The issue rose 29cents to close at $1.76.

The South Voisey’s Bay gang is gearing up for their respective summer drilling programs in Labrador. Donner Minerals climbed 23cents to close at $2.78; Alberta-listed Northern Abitibi edged up 2cents and closed at $1.76; Cypress Minerals lost 2cents to close at 63cents; Major General Resources and BMA Mining remained steady at 49cents and 34cents, respectively; Latitude Minerals gained a dime to close at 65cents; and NDT Ventures lost 2cents to end the day at 43cents.

International CanAlaska Resources rose 3cents to close at 45cents. The company is performing magnetic and electromagnetic surveys on the SVB-1 property, 7 km south of the Donner Mineral and Northern Abitibi property in Quebec. CanAlaska can earn a half-interest in the property from Alberta-listed Cartaway Resources. Cartaway’s issue rose 4cents to close at 23cents.

In the Timmins camp, the Night Hawk Lake joint venture — consisting of Golden Knight Resources with 60%, Cross Lake Minerals with 16%, East West Resource with 16%, and Canadian Golden Dragon Resources with 8% — has approved a $410,000 program of down-hole and ground geophysics, plus drilling on the Cross Lake, Sheraton Lake and Bond Twp. zones. Golden Knight last traded at $1.64; Cross Lake’s issue edged up 2cents to close at 99cents; East West remained steady at 21cents; and Golden Dragon lost 3cents to finish at 21cents.

Mar-West Resources began drilling its Cerro Blanco prospect in Guatemala, where plans call for a minimum 1,000-metre reverse-circulation program over the next few weeks. The issue rose 6cents to close at $1.21.