STOCK MARKETS — Markets reel as AK results prove better than

Rekindled interest in diamond exploration in the Northwest Territories is heavily influencing trading on the Vancouver Stock Exchange.

The VSE reeled during the month of March as the volume of shares rose by 64% to 542 million over February’s trading figure of 331 million. The value of the shares increased by 96% to $567 million, compared with last month’s $289.6 million. Transactions were up 73% to 144,294.

During the report period ended April 4, the resource index jumped 88.28 points to close at 1,240.65. The composite index added 36.56 points to finish at 753.71.

Last week saw the release of initial results from the discovery hole of the 5034 kimberlite pipe on the AK property in the Northwest Territories. The result was heavy trading in the issues of joint-venture partners Mountain Province Mining (50% owner), Alberta-listed Glenmore Highlands (40%) and Camphor Ventures (10%). A 63.35-kg sample, selected from varying intervals along the drill hole, yielded 176 macrodiamonds and 810 micros. On more than 9.2 million shares, Mountain Province hit a high of $6.25 before finishing at $6, a jump of $3.05. Glenmore Highlands, owned 47% by Toronto-listed Lytton Minerals, traded as high as $5.75 before closing up $1.90 at $4.90. Camphor Ventures hit $4 before adding $1.50 to finish at $3.50.

More than 3.8 million shares of Gerle Gold traded hands, sending the junior to a high of 94 cents before closing at 75 cents, up 30 cents. Gerle staked a disputed block of ground south of Mountain Province’s discovery in order to cover a part of the AK claims which it believes had lapsed. A review is being done internally by the Mining Recorder in Yellowknife to sort out the mineral rights. Gerle holds other claims in the vicinity of the AK property and is currently drill-testing, under the supervision of Monopros, 18 targets on properties held by the Slave Diamond Syndicate, in which it holds a 40% interest. Other members of the syndicate, each of which holds a 20% interest, include Norcal Resources, Tenajon Resources and Toronto-listed Westley Technologies. Norcal closed down 1 cents at 35 cents while Tenajon lost 7 cents to close at 31 cents.

On the strength of Mountain Province’s discovery, other issues which benefited included joint-venture partners ITL Capital and Riley Resources. The companies are planning a drill program on their Lac de Charloit property. Riley, on heavy trading of greater than 3.5 million shares, gained 11 cents to close at 26 cents. ITL Capital finished at 31 cents, up 14 cents. Kalahari Resources, holding interests along with Kennecott Canada and Toronto-listed SouthernEra Resources in the MacKay Lake and Back Lake claim blocks south of the AK property, gained 37 cents on more than 2.8 million shares to close at 72 cents.

Noront Resources soared to 62 cents before closing at 44 cents, a gain of 30 cents. A second phase of sampling conducted by Toronto-listed Pure Gold Resources and Ashton Mining of Canada is planned for the Noront 1 property situated 40 km southwest of the AK ground. Pure Gold is earning a 40% interest in the property, currently held 75% by Noront and 25% by CDN-listed Rusty Lake Resources.

Results from processing 70.64 kg of samples obtained from five key sections of drill hole DR95-26 from the Kyle Lake kimberlite-like body in the James Bay Lowlands area of northern Ontario yielded 52 macrodiamonds and 178 microdiamonds. Partners Toronto-listed KWG Resources (70%) and Alberta-listed Spider Resources (30%) report that to date, the Kyle Lake body has yielded a total of 79 macrodiamonds and 291 microdiamonds from 282.96 Kg. of sample. Ashton Mining holds an option to acquire a 51% interest in the project and is presently examining 3 tons of sample material. Spider climbed as high as 34 cents before closing at 30 cents for a gain of 3 cents on more than 4.3 million shares.