MINING MARKETS & INVESTMENT NEWS — WESTERN MARKETS — EuroZinc, Grayd buck trend as VSE tumbles

The Vancouver Stock Exchange composite index nosedived 14.26 points, or 3.4%, over the report period ended Aug. 10 to close the week at 400.89. The mining index also lost ground, shedding 6.35 points, or 2.3%, to close at 268.98.

Meanwhile, the combined value of the Albert Stock Exchange tumbled 22.19 points, or 0.85%, to finish the week at 2,570.53.

EuroZinc Mining jumped 24 cents to close at $1.02. The company completed a $4.5-million financing in order to complete a feasibility study at the Aljustrel zinc-copper property in southern Portugal. The next phase of drilling, budgeted at 4,500 metres, will test down-plunge extensions of the Feitais deposit.

The ever-volatile Winspear Resources lost 30 cents to close at $2.38. The company plans to release a macrodiamond count on 103 holes later this month.

Grayd Resources tacked on 6 cents to close at 40 cents. Toronto-listed Atna is drilling Grayd’s Dry Creek property in Alaska, and the current 10,000-ft. program has a price tag of $1 million. Atna stands to earn a 51% interest in Grayd’s Dry Creek and Anderson Mountain properties.

Kalahari Resources, together with joint-venture partners Island Arc Resources and Southern Era Resources (the latter being Toronto-listed), has begun a first-phase, $350,000 program of line-cutting, geophysics and prospecting on the Black Lake-Munn Lake project in the Northwest Territories. Kalahari closed at 24 cents, up 2 cents, while Island Arc rose 4 cents to finish at 24 cents.

Maracote International Resources lost 4 cents and closed at 20 cents. Disappointing drill results have prompted the company to drop its option to earn a 65% interest in the Halley property in Peru.

Abacus Minerals remained steady at 19 cents on high volumes of trading. The company has mobilized a drill rig to its Ferragudo zinc-copper project in Portugal. Joint-venture partner Phelps Dodge is the operator and will drill a minimum of 2,000 metres.

Can West Explorations lost a dime to close at 49 cents. The company arranged a private placement worth $200,000, which will serve as working capital.

Alberta-listed Meteor Minerals rose 4 cents to close at 27 cents after being granted an extension to meet its obligations under an option agreement with New Claymore Resources. Meteor can earn a half-interest in the Carmon Creek prospect in the Buffalo Hills area of northern Alberta. New Claymore remained steady at 14 cents.

Contiki Resources rocketed 23 cents to closed at 66 cents. The company has launched a free promotional web site game called GoldenGoals.com. More than 45,000 people visited the site in its first week.