STOCK MARKETS — Western market sluggish despite good news for juniors — Indonesian explorers rally ’round CoWs; Alberta diamond hunters owe boost to kimberlite find

Western markets continued to grapple for footing over the report period ended April 29. The Vancouver Stock Exchange composite index was down 12.45 points, or 1.2%, at 1,022.69, while the resource index remained flat at 1,847.56, down just 2.89 points.

The combined value of the Alberta Exchange was off 29.57 points, or 1.18%, at 2,482.11.

Confirmation that Toronto-listed Ashton Mining of Canada’s kimberlite find in north-central Alberta is diamondiferous sparked a rally for companies holding ground in the immediate area of Buffalo Hills. New Claymore Resources, which holds 6 million acres there, was up $1.45 at $2.40; Alberta-listed Montello Resources, which holds 4 million acres, climbed 22 cents to 60 cents; and Alberta-listed Troymin Resources, which holds 1.6 million acres, rose 20 cents to 90 cents. Meanwhile, Primero Industries, which can earn a 50% interest from New Claymore in a 300,000-acre block, climbed 20 cents to 52 cents, and Big I Developments, which holds a half interest in 46,000 acres, was up 2 cents at 17 cents.

Farther south, Ecstall Mining is beginning a heavy mineral sampling program on its 1.8-million-acre package. Previous work uncovered garnets. Ecstall closed up 14 cents at 59 cents.

At a ceremony in Jakarta on April 28, the Indonesian government awarded 65 sixth-generation contracts of work, spelling good news for numerous junior companies. Among these are: Alberta-listed South Pacific Resources, up 59 cents at $2.14; Borneo Gold, up 72 cents at $2.65; Indomin Resources, up 70 cents at $3.10; and Bre-X affiliate Bro-X Minerals, up 50 cents to 84 cents.

Agate Bay Resources closed at 63 cents, up 11 cents. The company has teamed up with Toronto-listed Inmet Mining to acquire the advanced-stage Chimborazo copper project in northern Chile from New York-listed Cyprus Amax Minerals.

While a definitive agreement is being drawn up, the partners have already begun work on the project and plan to spend US$3 million this year on improving geological reserves, which are estimated at 264 million tonnes grading 0.6% copper.

With an initial program budgeted at $2 million, NDT Ventures plans to conduct exploration on 22 joint-venture projects in the Voisey’s Bay area of Labrador. Several of the projects will be drilled. NDT tacked on 17 cents to finish at 87 cents.

Further trench results from the Sinter zone at the San Martin concession in central Honduras ranged from 30 metres averaging 0.36 gram gold per tonne to 50 metres of 1.74 grams gold. Trenching continues in preparation for drilling. The joint-venture project is held 80% by Mar-West Resources, which slipped 25 cents to $1.55, and 20% by Curion Ventures, which was down 7 cents at 53 cents.

Ascot Resources jumped 32 cents to close at 70 cents in heavy trading. The company acquired an option to earn a half interest in the Laurani property in northwestern Bolivia from a subsidiary of Toronto-listed Corriente Resources.

Ascot must spend US$3 million on exploration over the next 18 months; the property is a prospective silver-copper-gold, bulk-tonnage target. Meanwhile, the company has entered into a private placement of 2 million special warrants priced at 56 cents each.

A 10-hole drilling program on the Canalask nickel-copper property of Expatriate Resources in southwestern Yukon intersected sub-economic values.

Expatriate closed down 40 cents, in light trading, to $3.15. Drilling on the Ice property in the Finlayson Lake area is expected to begin about the middle of May.

Alone Resources was down 13 cents at 25 cents on the release of further low-grade drill results from its Norteno gold-copper prospect in Western Bolivia.