STOCK MARKETS — Composite, mining indices slip-slide in western markets — Bright spots include Timmins explorers Cross Lake, East West

The Vancouver Stock Exchange composite index fell 18.32 points, or 2.4%, to close at 751.4 cents during the report period ended Nov. 11. The mining index slid 22.41 points, or 3.4%, to close at 643.32. The combined value of the Alberta Stock Exchange remained steady at 2477.54, up by 0.01 point from the previous week.

Cross Lake Minerals closed at $4.01, up 79 cents. The company received assay results from four holes on the Night Hawk Lake joint venture near Timmins, Ont. Holes 12 through 15 tested 600 metres of the Sheraton Lake zone. Hole 12 returned the best values in three mineralized intercepts: 0.5 metre of 1.4% copper, 1.2 metres of 2.27% copper and 1 metre of 2.45% copper.

Hole 16, drilled at the Cross Lake zone, intersected 0.97 gram gold and 169 grams silver per tonne over 1.3 metres, as well as 2.12% zinc over 1.5 metres.

The joint venture approved a $465,000 exploration program, to consist of geophysics and 2,500 metres of drilling. East West Resource and Canadian Golden Dragon Resources closed at 70 cents (up 5 cents) and 58 cents (down 2 cents), respectively.

Rupert Resources was up 43 cents to close at $3.03. The company hit a kimberlite bulge at 497 metres and is currently drilling at 503 metres.

Rupert will carry out a 5-hole program, to span 3,500 metres, in an attempt to test the Crown 1 mine in South Africa. The Vancouver-based junior has an option to earn between a 60 and 70 per cent interest in the mine.

Alberta-based Blackstone Resources dropped 39 cents to close at 94 cents.

Disappointing drill results were released from the company’s Taiga project in the Yukon. Hole 7 hit nickel values ranging from 0.02% to 0.56% over 1.52 metres. Zinc values ran from 0.05% over 1.52 metres to 0.37% over 3.05 metres, and barium intercepts ranged from 0.4 to 6.2 per cent over 1.52 metres. Follow-up exploration and drilling will be carried out in areas of coincident nickel-zinc-in-soil anomalies and coincident

barite-nickel-zinc-molybdenum-in-soil anomalies. Blackstone’s joint-venture partner, Alberta-based Glenhaven Resources, fell 12 cents to close at 31 cents.

Arizona Star Resource continues to snowball downhill after entering an option agreement with Toronto-listed Placer Dome for the Aldebaran gold-copper property in northern Chile. Toronto-listed Bema Gold and sister company Arizona Star optioned 51% of the property to Placer Dome. The issue dropped 60 cents to $2.

Avalon Ventures dropped 22 cents to close at $2.25. The company received drill results from its Separation Rapids rare metals/pegmatite discovery in Ontario. Four holes indicated that lithium and rubidium oxides in the Big Whopper pegmatite average 1.5-1.6% over a true width of 30 to 60 metres and to a depth of 100 metres. Seventeen holes, spanning 2,321 metres, have been sunk to date, and future work will focus on the eastern extension of the pegmatite dyke. More assay results are expected toward the end of November.

Teck and Donner continue drilling on Major General Resources’ Sarah Lake nickel property in Labrador. The objective is to test the eastern extension of the gravity anomaly that defines the Northern Abitibi Nickel zone. A drill is currently spinning just northeast of the discovery hole. Major General slipped 1 cents to close at 53 cents.

Donner Resources changed its name to Donner Minerals and saw its stock fall 18 cents to close at $2.53.

Other players in the South Voisey Bay play include: Cypress Minerals, which closed down 6 cents to 59 cents; Alberta-based Northern Abitibi Mining, which tumbled 21 cents to close at $1.30; and NDT Ventures, which dropped 6 cents to 51 cents.