STOCK MARKETS — Western market sluggish as indicies slip

The Vancouver Stock Exchange composite index was down 28.14 points to 1,126.06 over the report period ended Dec. 17 while the resource index fell 100.29 points to finish at 2,205.08.

Mansfield Minerals nosedived to $3.75, a loss of $3.10, after a judge in Argentina awarded the title to the Cerro Samenta copper porphyry project to a local man. Mansfield and its partner, Toronto-listed Teck, have been ordered to cease all exploration work there. Mansfield is appealing the decision.

Alberta-listed Gitennes Exploration closed up 51 cents at $4.85. Recent exploration work at its Virgen gold property in Peru has increased the size of the Rio Suro breccia body. The zone has been mapped and sampled over a true length of 400 metres and across a width of 210 metres. Earlier sampling had suggested a grade of 2.5 grams gold per tonne, but the recent sampling indicates an area of high-grade along the eastern and northern portions of the zone. Results include 20.6 metres averaging 19.22 grams and 19.9 metres averaging 7.24 grams within a 130.4-metre interval grading 2.92 grams. A strong gold anomaly over the northern extension of the zone indicates the potential to expand the mineralization.

The closing of a $1.5 million financing allows Golden Hemlock Explorations to begin an exploration program on its San Jose de Gracia gold project in Mexico’s Sinaloa state. A 7,000-ft. drilling program, scheduled to begin in early January, will test three target zones. The issue closed up 18 cents at 74 cents.

Britannia Gold remained unchanged at $1.05 on the acquisition of the 55,535-ha Porfirio gold-silver prospect in Oaxaca state, Mexico. An exploration program of mapping, geochemical sampling and geophysics is planned for early 1997.

Independence Resources has agreed to a private placement of 2.5 million units at a price of 25 cents each in order to raise proceeds of $625,000. The money will be used for working capital requirements and its activities in Central and South America. Independence finished at 44 cents, up 4 cents.

Milagro Minerals is viewing a delay by Toronto-listed Geomaque Explorations in closing a proposed merger as a default, and intends to commence negotiations with other companies. Milagro’s principal asset is a 10,000-ha concession in northwestern Honduras. Milagro was halted, at the request of the company, on Nov. 29 at 84 cents.

Reward Mining and George Resource have entered into a 60-40 agreement with Bolivian Gold to explore and develop the former producing Corocoro copper deposit in Bolivia. Reward closed up 18 cents at $1.31, while George finished at 83 cents, down 6 cents.

Consolidated Silver Tusk Mines slipped $1.03 to $3.10 on the release of further drilling and trenching results from its 80%-held, former producing Pt. Karya Bukit Utama gold-silver property on the Indonesian Island of Sumatra.

Indomin Resources rose 40 cents to $3.80 following its release of an exploration update at its 85%-held Busang North gold project in Kalimantan. A detailed geochemical sampling program has identified eight gold anomalies to date in the southern half of the 127,300-ha CoW. Follow-up mapping and soil augering has defined another four drill targets.

Princess Resources added to its Tanzanian portfolio by agreeing to acquire two additional gold prospecting licences in the northwestern part of the country. The issue closed down 2 cents to 18 cents.

A 2,500-metre drilling program is scheduled to resume in the new year on Pacific Comox Resources’ Adansi property in Ghana, West Africa. Pacific Comox tacked on 3 cents, closing at 46 cents.

Demand Gold jumped 14 cents to 49 cents. The company holds a land position in the Finlayson-Wolverine Lake area of southeastern Yukon, and is reviewing new property acquisitions elsewhere.

Pacific Vangold Mines has acquired an option

to earn half of GHK Resources’ 85% interest in three Ugandan mineral licences covering 8,000 sq. km of a prospective copper-cobalt belt. Pacific Vangold slipped 2 cents to 38 cents.