STOCK MARKETS — Western markets hit record highs

Western markets continued to advance at a breakneck pace over the report period ended April 30 with both the Vancouver Stock Exchange resource and composite indices hitting new 52-week highs.

The resource index touched 2,229.27 before finishing up 155.55 points at 2,192.94, while the composite index jumped 71.45 points to close at 1,262.04, just a fraction off its peak level.

Strength in the two indices is a reflection of a spate of new 52-week highs achieved by resource issues as investors flood into the market hoping to find the next big issue.

Indomin Resources, which holds gold and diamond exploration ground in Indonesia, touched a new high of $5.35 before sliding back to finish at $4.85, a 60 cents gain on the week.

Indomin recently announced plans to raise up to $12.8 million through the issue of units at $4.25 each, the proceeds of which will be used to fund exploration on the company’s properties.

Buyers pushed Valerie Gold Resources to a high of $10 before the issue settled up $3.30 at $9.90. The company recently started an exploration program at its Mamalta property in Mexico but has not released results.

Other companies associated with the same management and promotional group as Valerie also gained ground. Cream Minerals, which has an exploration property in Mexico, added 55 cents to close at $1.35 while Emperor Gold, which is rehabilitating a former underground gold producer in California, jumped 70 cents to $3.25.

Canabrava Diamonds is drawing investor attention with its diamond exploration program in Brazil. The issue closed up $1.20 for a new high of $4.80.

Teck, which holds the right to acquire up to a 70% interest in Canabrava’s diamond ground, is searching for the bedrock source of alluvial diamonds known to occur in the area and has outlined numerous drill targets.

Alberta-listed Cartaway Resources leapt $1.41 to close at $3.76. The company recently started a long-awaited drill program on its Cirque property in the Okak Bay region of Labrador. Previous drilling there had been cancelled as a result of bad weather. The current 4-hole program is testing the property’s principal geophysical anomaly.

GMD Resources put in a spectacular run to a high of $7.50 before slipping to close up $1.18 at $5.60. Drilling on the company’s Discovery gold mine property in the Northwest Territories is reported to have intersected 200 ft.

of sulphide mineralization, including four zones with visible gold. Assay results from the hole are still pending.

GMD is also involved in a 60-40 joint venture exploration program with Fortune Minerals on the JBG claims in the Northwest Territories. Previous work on the property returned values of up to 1.39% copper, 7.36% zinc, 3.8% lead and 11.6 grams silver per tonne.

A buy recommendation from a popular California-based newsletter gave Gerle Gold a shot in the arm. The newsletter stated the company’s Doyle Lake diamond property has an excellent chance of hosting a diamondiferous pipe. An exploration program is scheduled there for the summer.

The issue surged to high of $2.61 before settling at $2.25, for a gain of 77 cents.

Plans to acquire a 70% interest in a gold property in Bolivia helped Anthian Resources add 65 cents to close at $2.40.

Bitterroot Resources continued to advance, touching a new high of $1 before settling at 96 cents, a gain of 23 cents. The company expects to begin an airborne geophysical survey over its nickel and copper properties in upper Michigan in late May and preliminary field work is expected to start there soon.

Soil sampling results from its Amanda property in north-central Peru helped Britannia Gold add 68 cents to close at $2.98. The sampling outlined a number of areas anomalous in gold, lead, arsenic, antimony and silver. The company is also awaiting assay results from sampling of 325 metres of underground workings on the property.

The Amanda property is contiguous, to the south, with Arequipa Resources’ Paron property and 30 km north of Arequipa’s Pierina property. Tunneling there is returning promising gold values.