MINING MARKETS & INVESTMENT NEWS – WESTERN MARKETS — Polymet a star of buoyant western market

The Vancouver Stock Exchange composite index rocketed past the 400 mark and finished the week ended Jan. 12 at 417.94, up 18.99 points, or 4.76%. Not to be outdone, the mining index jumped 11.13 points, or 3.75%, and closed at 308.19.

Meanwhile, the combined value of the Alberta Stock Exchange rose 46.57 points, or 2.61%, to end the week at 1,830.21.

Polymet Mining soared 80 cents and closed at $2.20. The company has selected Bachtech Metallurgical Solutions to conduct the first phase of the bioleaching tests on the Dunka Road bulk concentrate produced late last year. Results of the testing are expected in five months. Polymet has renamed the Dunka Road project “NorthMet,” to reflect the project’s northern Minnesota location.

Foran Mining jumped 20 cents and closed at $1.20. The company has resumed drilling on its McIlvenna Bay project in the Flin Flon greenstone belt of northern Saskatchewan, near the Manitoba border. Core logging of drill hole 69 has identified several long sections of sulphide mineralization. Assay results are anticipated next week.

Winspear Resources dropped 18 cents and closed at $3.77. The company announced plans for a $12-million exploration program, which is to include 6,000 tonnes of kimberlite sampling taken from three separate sites and 15,000 metres of diamond drilling. Winspear holds a 68.7% interest in the Camsel Lake property, 220 km northeast of Yellowknife, N.W.T. The remainder is held by Toronto-listed Aber Resources.

Argentina Gold lost a dime and closed at $4.95. Toronto-listed joint-venture partner Barrick Gold extended to Jan. 19 its $4-per-share takeover bid. Drilling continues at the Amable target with hole 102 currently under way. Argentina Gold has two reverse-circulation drills and two diamond drills operating on its 60%-held Veladero property in northwestern Argentina.

Meanwhile, Energold Mining tacked on 15 cents and closed at 82 cents. The company is gearing up for a first round of drilling on its wholly owned Long Year concession in the Dominican Republic. The property adjoins the large Pueblo Viejo gold-silver mine to the southwest. The state-owned mine is believed to contain a sulphide resource in the order of 200 million tonnes at an average grade of 3 grams gold, equivalent to about 20 million contained ounces.

Hyder Gold jumped 4 cents and closed at 14 cents. The junior has been granted an option to acquire 51% of the OGO, Fire Bou, Top and Eagle claim blocks in Alaska from privately owned Rimfire Minerals. Hyder must pay Rimfire $230,000 cash and 200,000 shares, as well as spend $1.3 million on exploration. Hyder can increase its interest to 70% by paying an additional $1 million.