MINING MARKETS & INVESTMENT NEWS — WESTERN MARKETS — Winspear adds fuel to hot diamond market

The Vancouver Stock Exchange composite index rose 7.99 points, or 1.8%, during the report period ended July 6, to close at 440.26. The mining index was up 6.21 points, or 2.1%, at 296.94. The combined value of the Alberta Stock Exchange increased 56.27 points, or 2.3%, to 2,539.86.

Winspear Resources announced tonnage estimates for the NW Snap Lake kimberlite dyke at its 67.8%-owned Camsell Lake project in the Northwest Territories. The issue closed up 53 cents at $4.53. Sister company Diamondex Resources followed suite, tacking on 23 cents to finish the period at $1.42.

Donner Minerals was unchanged at 24 cents. The company was forced to suspend the previously announced 1999 South Voisey’s Bay exploration program in Labrador after failing to reach an agreement with the Innu Nation.

Great Basin Gold added 7 cents to finish at $1.50. The company completed its acquisition of Cornucopia Resources’ 25% minority interest in the Ivanhoe gold project in Nevada, boosting its interest to 100%. In consideration, Great Basin issued 2.75 million shares and 250,000 warrants exercisable at $2. Great Basin also expects to complete a brokered $6-million financing in a matter of days.

Lucero Resource jumped 9 cents to 48 cents. The company has arranged a private placement of 570,000 units priced at 40 cents. Each unit will consist of one share and one warrant allowing for the purchase of an additional share at 40 cents in year one and at 60 cents in year two.

Bell Coast Capital was up 4 cents at 33 cents. The junior has joined a growing list of explorers making the jump on to the internet. Bell Coast reached an agreement to purchase the web sit Worlddoctors.com, a medical service directory.

Major General Resources was down a penny at 22 cents. The company has arranged an offering of 2.4 million units at 25 cents for proceeds of $558,000. Each unit will consist of one share and one warrant. Two warrants will allow for the purchase of an additional share at 28 cents for one year. In related news, Major General has outlined a large geophysical anomaly along strike of the Starhill zone at the Spider Lake massive sulphide project in northwestern Ontario.

Global Explorations climbed 46 cents to $1.67 as it considered participating in alluvial diamond mining, as well as the trading of rough diamonds in the war-torn countries of the Democratic Republic of Congo, Sierra Leone and Angola.

International Northair Mines was up 8 cents to 30 cents after joint-venturing its Venturina gold property in Mexico’s Chihuahua state to Nevada-based Meridian Gold.

Avalon Ventures slipped 2 cents to $1.08 on the release of a positive prefeasibility study on the Big Whopper petalite deposit at the Separation Rapids rare metals project near Kenora, Ont.