STOCK MARKETS — Markets rally after release of U.S. job figures

The Vancouver Stock Exchange composite index responded to a second consecutive month of stronger-than-expected U.S. job creation figures by rallying up 18.82 points over the report period ended April 9 to close at 1,162.78. The resource index did not fare as well, however, closing down 18.69 points at 1,945.72.

Responding to an increased level of trading activity, Bitterroot Resources said it was not aware of any material changes in its affairs since entering into an agreement with Copper Range, an 80%-owned subsidiary of Toronto-listed Inmet Mining. Bitterroot can acquire the mineral rights to more than 100 sq. miles in Michigan’s Keweenaw Peninsula, and Copper Range can elect to earn a 51% interest upon delivery of a prefeasibility study. The issue hit a high of 70 cents before closing at 55 cents, a gain of 20 cents.

AGC Americas Gold announced it had acquired several large blocks of property in East Kalimantan, Indonesia. The company intends to form a syndicate to finance and develop the properties, which are subject to due diligence. AGC slipped 23 cents to finish at $2.12.

Toronto-listed Cheni Resources has been granted the right to earn an initial 50% interest in Arauco Resources’ Guindo project in Chile by paying $210,000, issuing 50,000 shares and spending $1 million in exploration over three years. Cheni can earn a further 10% in the 26,000-hectare property by spending an additional $400,000 in the fourth year. The deal, subject to due diligence and regulatory approval, helped push Arauco to 78 cents, a gain of 13 cents.

Initial caustic dissolution results from three kimberlite pipes in northeastern Ontario’s Bucke Twp. are discouraging for partners Consolidated Pine Channel Gold and JNR Resources. No diamonds were recovered from the OPAP, BFK-1 and C-31 pipes, although results are pending for two other pipes. Pine Channel lost 33 cents to close at 46 cents, while JNR dropped 27 cents to finish at 40 cents.

A kimberlite discovery at the Afridi Lake property in the Northwest Territories meant a 30 cents increase for Cypango Ventures and a 13 cents gain for Intertech Minerals. Cypango, which can earn a 51% interest from 70% owner Intertech, closed at $2.55, while Intertech finished at $1.58.

Tenajon Resources closed up 23 cents at 56 cents, following the discovery of new kimberlite at the Cross property, north of Yellowknife. The property is a joint venture with Toronto-listed companies Ashton Mining of Canada and Pure Gold Resources. When all earn-in requirements are fulfilled, Tenajon will hold a 25% interest.

America Mineral Fields finished at $18.63, up $7.25. The company intends to raise up to $30 million through a brokered private placement of up to 4 million special warrants at $7.50 each. America Mineral holds an exclusive agreement with Zairian-based Gecamines to determine the feasibility of rehabilitating the Kipushi zinc-copper-gold mine in southern Zaire.

In the midst of negotiations for an interest in several large blocks of mining claims in Indonesia, Alberta-listed Coleville Resources gained 38 cents and closed at 80 cents.

Trading of Eaglecrest Explorations was temporarily halted by the VSE on the morning of April 8 but was allowed to resume activity after the company provided clarification of an advertisement promoting its Bolivian gold property. Eaglecrest slipped 55 cents to finish at $4.95.

A technical proposal for exploration and development of 971 sq. km in the northern mountains of Oman has been accepted in principle by the Omani government. Redell Mining has committed to spend US$3-5 million over two years exploring for gold and copper. The issue closed at $4.80, down 58 cents.

Pathfinder Resources hit a high of $3.10 before closing at $2.65, a gain of $1.50. The company has acquired an option from Australia-based Quadrant Resources to earn up to a 100% interest in the 2,000-sq.-km Tungaberry copper-gold project in north-central Queensland. Pathfinder will fund an exploration program with the proceeds of a private placement of 1 million special warrants.