STOCK MARKETS — New year brings rise in composite index

The Vancouver Stock Exchange composite index managed to rise 16.12 points to close at 1178.39 over the report period Dec. 30-Jan. 7, despite dropping 19.35 points from the resource index, which finished at 2,276.74.

Hixon Gold Resources closed up $1.90 at $7.40 on the release of further trenching results from the Stenpad property in Ghana, West Africa. The hand-dug Agykra No. 1 trench, which originally averaged a grade of 27.5 grams gold per tonne over 12.35 metres, was extended to the northwest and southeast over a length of 100 metres for an average grade of 8.8 grams. The trench was dug to expose bedrock beneath a soil gold anomaly centred on an area of old native workings. The sampled material consists of highly fractured quartz vein material, saprolitic host rock and deeply weathered graphitic argillite.

The trench will be further extended as mineralization remains open at both ends.

Results from an additional 100-metre-long trench, situated between the Seidu No. 1 and Seidu No. 2 trenches (19.3 metres grading 54.5 grams and 14.3 metres grading 7.3 grams, respectively), are expected shortly. Parent company Toronto-listed Golden Rule Resources holds a 50% back-in right to the concession.

Following the completion of a recent airborne geophysical survey by Pacific Rim Mining in northern Argentina, the company staked 10 additional properties to cover prospective anomalies. Pacific Rim also defined three anomalous zones on its wholly owned Colorada massive sulphide property. The issue reached a high of $4.15 before falling back to $3.20 for a gain of 70 cents.

Arrowhead Minerals tacked on 55 cents to finish at $1.25. The company announced its intentions to undertake a brokered private placement of 2-4 million special warrants at 75 cents each, proceeds of which will be used to carry out exploration programs in Ecuador.

Having completed a private placement for gross proceeds of $952,000, Alberta-listed Absolut Resources is now preparing to begin deep drilling on claim block N in the Voisey’s Bay area of Labrador, 7 km east of Diamond Fields’ discovery claim block. Absolut closed up 35 cents to $1.10.

Essex Resource released preliminary results from a deep trenching program on the Miguela concession in eastern Bolivia. The company continues to assess the potential of near-surface, shear-hosted gold mineralization. The issue closed down 76 cents to $2.68.

Maymac Petroleum was up 11 cents at 27 cents. The company is attempting to arrange an equity financing, which would be used to advance the Macarena and Bonanza Imperial gold-copper prospects in Ecuador.

Preliminary results from a helicopter aeromagnetic survey suggest several sub-circular anomalies are present at Sanfred Resources’ joint-ventured Beniah Lake diamond property, which is south of the Camsell Lake diamond project in the Northwest Territories. Sanfred rose 24 cents to 70 cents.

The acquisition of a 13,140-ha contract of work (CoW) in the west-central region of Kalimantan, Indonesia, sparked a 15 cents jump to $1 for Olympic Resources. The company holds interests in 10 CoWs in Indonesia.

Trade Winds Resources was up 23 cents at 52 cents on anticipation of diamond results from its Drybones Bay kimberlite pipe project, southeast of Yellowknife, N.W.T. A macrodiamond count for a 9.3-tonne bulk sample of drill core is expected shortly.

Consolidated Pine Channel Gold is up 15 cents at 45 cents upon the completion of a 10-hole drill program on its joint-ventured Asbell Bay

gold-copper-molybdenum property in Saskatchewan. Assay results are pending.

Partner JNR Resources closed at 33 cents, up 4 cents.