STOCK MARKETS — Venezuelan property deals lift juniors’

Western markets finished the week ended Dec. 23 little changed with the Vancouver Stock Exchange composite index finishing up less than a point at 605.38, while the resource index lost 11.74 points at 641.42.

Market interest in Venezuelan gold continued to heat up during the period, taking diamonds (or perhaps more appropriately diamond indicator minerals), somewhat out of the limelight.

The interest in Venezuela was triggered by a rumored massive gold discovery on Placer Dome’s Las Cristinas property in Bolivar State.

Mt. Grant Mines, which owns claims nearby, jumped $1.40 to close at $4.60. The closing price represents a threefold increase from the $1.50 level in early November.

Mt. Grant recently entered a 50-50 joint venture with Queenstake Resources to explore and develop Queenstake’s Bizkaitarra gold concession in Bolivar State, Venezuela.

The concession is to the south of Mt. Grant’s previously acquired Tapaya and Libertad concessions. Mt. Grant also announced it has been granted an exclusive option by a Venezuelan mining company to negotiate a joint venture in a large nearby exploration and mining concession.

A deal to acquire a 50% interest in the Albino concession which shares common northern and western boundaries with Placer’s Las Cristinas prospect gave Eurus Resource a big boost. The issue leapt 78 cents on the news to close at $1.16.

Eurus can acquire the interest from owner Crystallex International by paying US$450,000 and expending US$550,000 on exploration and development. Eurus is also required to assume property payments totalling US$10 million and fund all exploration and development to the completion of a feasibility study. After touching a 52-week high of $2.80, Crystallex finished the week at $2.51, for a gain of 61 cents.

Two more companies managed by Murray Pezim’s Prime Equities International announced Venezuelan activity.

Pacific Century Explorations and Double Down Resources said they are in separate negotiations to acquire mineral claims in southeastern Venezuela. Double Down also announced that it has applied for mineral prospecting permits covering over 2.5 million acres near High Level, Alta. Double Down finished up 30 cents at 90 cents, while Pacific Century gained 11 cents to close at 31 cents.

La Teko Resources did well, adding 75 cents to close at $2. The company released a new reserve estimate for its Ryan Lode property near Fairbanks, Alaska. The company’s preliminary estimates put reserves at about 22.3 million tons grading 0.047 oz. gold per ton.

An agreement for the acquisition of a 40% interest in a diamond concession in the Central African Republic gave Orcana Resources an 18 cents boost to $1. Northern Crown Mines added 26 cents to close at $1.06. The company recently entered a private placement agreement with Teck, giving that company the right to acquire 770,000 shares at 65 cents each plus warrants on an additional 951,000 shares exercisable at prices ranging from $1 up to $8. Northern Crown expects to begin drilling at its Guadalupe De Los Reyes gold project in Mexico by mid-January.

The completion of a $4-million funding deal with a U.S. syndicate gave Quinto Mining a modest 7 cents boost to 75 cents. The syndicate is earning a 50% interest in Quinto’s Lumby gold-graphite project in south-central British Columbia. Quinto also announced it has arranged a US$2-million gold loan through a European group.

Miramar Mining announced the acquisition of an interest in a copper and a gold project in Cuba through an arrangement with Australian-listed Matlock Mining. Miramar finished up 12 cents at $1.15.