MINING MARKETS & INVESTMENT NEWS – WESTERN MARKETS — Few signs of life from VSE-listed junior explorers

There was little to cheer about during the report period Feb. 10-16, as western markets put in another lacklustre performance. The Vancouver Stock Exchange composite index slipped 5.43 points, or 1.3%, to finish the week at 408.78, while the mining index lost 3.33 points, or 1.1%, to close at 291.69. The combined value of the Alberta Stock Exchange, however, swung the other way, rising 17.04 points, or 0.9%, to end at 1,908.49.

Argentina Gold closed at $4.15, off 35 cents. The company’s share price has been in a downward spiral since Barrick Gold let its $5-cash-per-share takeover bid expire.

South Voisey’s Bay player Donner Minerals rose from the dead, up 4 cents at 25 cents, on speculation of an upcoming summer program.

El Misti Gold closed up 3 cents at 15 cents on strong volume. The company released a summary of its 1998 drilling results from the Sinchao project in northern Peru and suggested it has encountered a large, low-grade system of copper-zinc-silver-gold mineralization.

Winspear Resources tacked on 35 cents to finish at $3.40. The company is mobilizing field crews and equipment to begin a winter program of exploration drilling and bulk sampling on the Snap Lake NW dyke in the Northwest Territories. Winspear owns a 67.7% interest, whereas Aber Resources holds the balance.

Hyperion Resources fell 13 cents to 60 cents. The company is awaiting assay results from a small drilling program on a volcanogenic massive sulphide target at the joint-ventured Holguin property in eastern Cuba.

Eaglecrest Explorations has retained a team of technical advisers to design an exploration program for the company’s San Simon gold project in Bolivia. The issue closed up 12 cents at 30 cents.

Excellon Resources took a 22 cents hit dropping to 48 cents after encountering high-grade massive sulphide mineralization in only one of five holes that were drilled beneath old mine workings at the Platosa property in Mexico’s Durango state. Denver-based Apex Silver Mines can earn a 65% interest from Excellon by spending US$1.5 million on exploration and paying US$1.3 million over five years.

GMD Resources closed at 35 cents, up a dime. The company has amended loan agreements with LMX Resources to settle a $2-million debt and is reviewing kimberlite indicator grain analyses from additional till samples collected in 1998 from the Royce Group of claims in the Northwest Territories.

Alberta-listed Spider Resources, along with joint-venture partners KWG Resources and Line Island Exploration, reported initial diamond results from surface pit sampling of residual gravel at the Contendas prospect in central Brazil. Spider closed at 7 cents for a 2 cents gain.

Robin Slaughter-led Brazilian International Goldfields reported results from an initial 3-hole program designed to test the bulk-tonnage potential of the Cachoeira gold property in Brazil. The issue finished up 21 cents at 90 cents.