STOCK MARKETS — El Misti Gold among VSE volume leaders once again — International CanAlaska makes deal with Royal Oak on Timmins-Michie

The Vancouver Stock exchange composite index lost 5.88 points, or 0.9%, to close at 624.77 over the report period ended Mar. 10. The mining index also lost ground, slipping 7.9 points, or 1.5% to close at 505.87.

The combined value of the Alberta Stock Exchange added 17.59 points, or 0.81%, to close at 2,190.88.

El Misti Gold has been making repeated appearances on the VSE’s most active list. The company has secured financing for its Santa Rosa gold mine in Peru.

It has also has acquired funds to start a 10,000-metre drill program at its Sinchao polymetallic target, also situated in Peru.

The company’s issues jumped 37cents to close at 92cents.

International Taurus Resources climbed 13cents to close at 92cents. The company decided to change direction and become a larger, more aggressive property acquisition and exploration organization. To achieve this goal, Taurus is assembling a group of explorationists and re-organizing its management team. The company has raised $4-million worth of private placement financing. Medallion Resources has agreed to a 4-year option on 4 million company shares from its block of 5.8 million company shares in order to entice the new management to commit to Taurus. Medallion’s issues dropped 24cents to close at 66cents.

Winspear Resources gained a dime to close at 95cents. Geophysical surveys have been completed on the company’s Camsell Lake property in the Northwest Territories and a 7,300-metre drill program is under way. Winspear is also collecting a 200-tonne bulk sample from a kimberlite dyke that outcrops on the northwest side of Camsell Lake. The company has budgeted $2.7 million towards this year’s diamond exploration program.

International CanAlaska has finalized an agreement with Toronto-listed Royal Oak Mines to assume Royal Oak’s 50% interest in the 9,520-ha Timmins-Michie property. The property is situated just south of Cross Lake Minerals’ volcanogenic massive sulphide discovery. Cross Lake, East West Resource and Canadian Golden Dragon Resources also hold interests in the Timmins-Michie property.

CanAlaska’s shares gained 1cents to close at 42cents. Cross Lake Minerals lost 8cents to close at $1.47, while East West gained a nickel and Canadian Golden Dragon lost one, to close at 38cents and 30cents, respectively.

Major General Resources’ issues rose 5cents to close at 39cents after the company released results from a downhole electromagnetic survey on drill hole SVB97-92. The survey identified an off-hole conductor interpreted to be about 100 metres in thickness and about 50 metres west

of the drill hole. Drilling at its South Voisey’s Bay project is expected to resume in April.

Kalahari Resources fell 7cents to close at 87cents. The company has accumulated more than 4 million acres within eight blocks around the El Salvador project of Western Copper and Teck in Mexico’s Zacatecas state.

Kalahari is continuing to acquire land in the area and is now looking for joint venture partners.

Asia Minerals issues dropped 4cents to close at 10cents after it terminated its Yingezhuang gold joint venture with the Zhaoyuan Industrial Group of China. Among the company’s reasons were its inability to obtain satisfactory information about preferential tax policies and the unilateral implementation of expansion of the Yingezhuang mine by Zhaoyuan.