MINING MARKETS & INVESTMENT NEWS — WESTERN MARKETS — VSE creeps past 400-level, ASE slopes skyward

The Vancouver Stock Exchange composite index, for the first time in weeks, has climbed above the 400-level. During the report period ended Nov. 3, the composite closed at 401.7, up 12.33 points, while the mining index rose 12.6 points to finish at 295.07. The combined value of the Alberta Stock Exchange was up 43.88 points at 1,728.29.

Argentina Gold reached a high of $3.60 on heavy trading before falling back to $3.15, a gain of 85 cents. Further drill results were released for hole 84 on the Amable discovery at the Veladero project in western Argentina. Drilling returned 126 metres averaging 2.7 grams gold and 22.8 grams silver per tonne, including 64 metres of 3.4 grams gold and 21.1 grams silver. The hole was a 100-metre stepout south of hole 80, which returned 212 metres of 3.67 grams gold and 47.71 grams silver. At the close of our report period, results also were announced for hole 85, an 80-metre stepout west of hole 80. Drilling returned 220 metres of 1.7 grams gold and 69.81 grams silver, including 83 metres of 3.07 grams gold and 110.41 grams silver.

TNR Resources closed at 36 cents, up 11 cents. The company, which controls more than 650,000 acres in 15 projects in Argentina, entered into an agreement to option a 60% interest in three Veladero-area properties to Orko Gold. That company tacked on 47 cents to close at $1.20.

Winspear Resources traded as high as $2.59 before closing at $2.05, an increase of 6 cents. Microdiamond results from a 500-kg sample of the NW Snap Lake dyke, representative of the bulk sample taken earlier this year, are expected shortly, as are results of a separate caustic fusion analysis. The values will be used to establish a geostatistical database on the dyke’s microdiamond distribution for purposes of grade prediction. Winspear holds a 67.8% interest in the Camsell Lake project, while Toronto-listed Aber Resources holds the remainder.

The jump in price of several South Voisey’s Bay players gave way to speculation on the street. Donner Minerals traded as high as 55 cents before falling back to 36 cents, for an 11 cents gain; Alberta-listed Northern Abitibi Mining climbed as high as 36 cents before closing at 21.5 cents, a 9.5 cents increase; and Cypress Minerals reached 24 cents before closing at 13 cents, up a penny. Donner responded to the market activity by releasing a no-material-change statement. The drill-testing of targets in the South Voisey’s Bay area is expected to continue until late November, though gravity and pulse-electromagnetic geophysical surveys will continue.

Cross Lake Minerals was up 17 cents at 99 cents. The company is in the midst of a 2,000-metre drilling program on its Sheraton-Timmins polymetallic property in northern Ontario.

International CanAlaska Resources, at 18 cents, doubled its price on news that it will soon drill up to six targets on its 50%-optioned Timmins Twp. property.

Anzex Resources finished at 85 cents, up a quarter. Anzex is now drilling the fourth hole in a 12-hole program at its Longwoods platinum project in New Zealand.