STOCK MARKETS — Panamanian plans give Adrian share price a

The spot price of gold finally broke out of its narrow trading range around the US$330-per-oz. level, gaining more than US$6 per oz. to finish the week ended March 30 at about US$337.

The Vancouver Stock Exchange resource index slowed its climb, edging up 4.62 points to finish at 883.49. The close represents an 18% increase from the 750 level at the start of the year. The composite index also continued to gain ground, closing up more than 10 points at the 800 level. Adrian Resources released further details of plans to increase its interest in the Petaquilla property in Panama, helping boost the stock 44 cents to $1.69 on more than four million shares.

Adrian will hold a 20% indirect interest in the property as well as the right to earn a 32% participating interest from Minnova and Kerr Addison Mines. The most recent estimate of preliminary reserves at Petaquilla is about 876 million tons grading 0.6% copper. Drilling continues.

Trading activity picked up in Arizona Star Resource, pushing the issue to a high of $1.50 before pulling back to $1.25 for a gain of 50 cents. The company has completed a private placement of 1.5 million units at 60 cents each to a group including Robert Friedland, a major shareholder and the driving force behind Venezuelan Goldfields.

Venezuelan Goldfields has acquired the remaining 18% interest in the Unin concession in the Kilometre 88 region of Venezuela, giving the company total ownership of the property. The issue edged down 50 cents to close at $11.50. CanAlaska Resources is planning to explore the El Pauji concessions in the Kilometre 88 region after completing an investigation into title and ownership rights.

Partners Consolidated Newgate Resources and European Ventures have agreed with a separate group to explore the property and the companies are continuing to investigate their legal right to the ground.

CanAlaska gained a nickel at 48 cents while Consolidated Newgate and European Ventures both lost ground, finishing at 70 cents and 33 cents, respectively. Excitement over Kennecott’s discovery of kimberlite on the WO property in the Northwest Territories fizzled somewhat with partners Kettle River Resources, Dentonia Resources and Alberta-listed Horseshoe Gold Mining all losing ground. Kennecott, which can earn a 60% interest in the property from the group, has intersected 12 metres of porphyritic kimberlite on the WO ground. Kettle River closed down 95 cents at $3.50, Dentonia lost 60 cents to finish at $1.75 and Horseshoe Gold dipped 45 cents, closing at $2.10. Golden Peaks Resources wants to acquire additional diamond exploration properties; it recently entered into a joint venture with Consolidated Pine Channel Gold. Golden Peaks will spend $100,000 on a number of preselected targets in Saskatchewan’s Northern Mining district to earn a 50% interest. The issue finished up 45 cents at $1.05 while Consolidated Pine Channel added 20 cents to close at $3.90.

Gold Giant Minerals did well, bolting up 57 cents to close at $1.32. The company recently completed a brokered private placement of 500,000 units at 62 cents each and drilling is to begin shortly on its joint venture with Hemlo Gold at Nevada’s Crescent Valley.

An agreement to acquire the Prairie Creek zinc-lead-silver project in the Yukon gave San Andreas Resources a boost, with the issue finishing up 65 cents at $3.10. The company, which has the right to earn a 60% interest, has increased drill-indicated reserves of 3.2 million tons grading 15.61% zinc, 13.35% lead and 6.16 oz. silver per ton.

Akiko Gold Resources, which gained 28 cents to finish at 65 cents, has agreed to settle its outstanding debt through the issuance of shares. The company plans to complete a brokered private placement of 500,000 units at 44 cents per unit.