STOCK MARKETS — Western markets shine despite lacklustre gold

A drop in gold prices to US$394 per oz. had little effect on western markets over the report period ended March 5.

The Vancouver Stock Exchange resource index tacked on more than 55 points, finishing at 1,828.30, while the composite index closed up more than 38 points at 1,039.26.

The market’s strength is reflected in the new trading and value records set in February. In excess of 815 million shares changed hands on the Vancouver exchange during the month, for a total value of $965 million. The figures represent trading and value increases of 26% and 50%, respectively, from January.

Greystar Resources came to life after announcing the acquisition of ground in Indonesia, as well as a $5.6-million private placement and joint-venture agreement on its property in Colombia.

Alberta-listed Churchill Resources can earn a half interest in the Colombian property by spending US$2 million, as well as issuing Greystar one million shares.

Greystar finished up 26 cents at $1.10, while Churchill slipped 4 cents to close at 6 cents.

Alberta-listed Leader Mining International vaulted to a high of $6 before finishing up $1 at $4.90. The company holds two gold exploration properties in Ontario and is working to secure projects in Indonesia and India, as well as in the Timmins area in Ontario.

Minco Mining & Metals started trading with a bang after a 7-week halt, touching a high of $2.20 before settling at $1.90 for a 70 cents gain. The company is acquiring rights to certain mineral properties in China and has signed a joint venture and financing agreement with Teck and Cominco.

A dispute between Summex Mines and Farallon Resources over rights to certain mining concessions in Mexico heated up with the launching of a lawsuit by Summex against Farallon.

The former alleges that the latter wrongfully interfered with the plaintiff’s economic interests in the Mexican concessions, or, alternatively, breached an oral agreement or fiduciary obligation.

Farallon believes the allegations are without merit and plans to defend the action. Farallon slipped 63 cents to $7.75, while Summex added 26 cents to close at $1.50.

Doromin Resources took a 22 cents dive before being halted at 27 cents, pending clarification of the company’s affairs. The plunge was precipitated by a decision by the British Columbia Securities Commission to revoke the trading privileges of two of the company’s directors. The issue remained halted at presstime.

The acquisition of mineral lease rights to 14,200 acres in Michigan gave Bitterroot Resources a 9 cents lift to 40 cents. The company sees good potential for the discovery of nickel-copper sulphide deposits in the region, and plans to initiate airborne geophysical surveys and follow-up ground work in the next few months.

Canmex Minerals added 75 cents to finish at $2.35 after announcing the acquisition of rights to additional ground in the area of its Limon gold project in Sinaloa state.

Plans to acquire additional offshore mineral concessions in Sierra Leone helped Loumic Resources close up 23 cents at 60 cents. The company has also arranged a private placement of 1.7 million units at 28 cents per unit.

The discovery of diamonds in drill core from a kimberlite pipe in southeastern Wyoming gave Guardian Enterprises a $1.05 boost to $3.75. The company is drill-testing the DK pipe and reports the discovery of one macrodiamond measuring 1.07 mm in diameter. The DK pipe is part of a nearly 5-mile-long kimberlite dyke and piping system discovered by Guardian in the spring of 1995.

Cream Minerals continued its assent, adding 9 cents to close at 75 cents. Cream, which recently completed a reorganization, holds a 60% option on a massive sulphide property in Manitoba and is working to acquire two adjoining gold properties in Mexico’s Durango state.

Consolidated Callinan Flin Flon Mines continues to attract attention with its search for massive sulphides in the Flin Flon area of Manitoba. The issue added 79 cents to close at $2.60.

March 14-16 Aluminum Extruders Council — “1996 Annual Meeting.” San Antonio, Tex. Tel: (708) 526-2010. Fax: (708) 526-3993.

March 17-19 Gorham Advanced Materials Institute — “Int’l Conference on Injection Moulded Metal, Ceramic and Cemented Carbide Parts.” Orlando, Fla. Tel: (207) 892-5445. Fax: (207) 892-2210.

March 19-22 Int’l Trade and Exhibitions Group — “Min-tek ’96: Int’l Exhibition on Mining in Russia.” Moscow, Russia. Tel: +44 171 286 9720. Fax: +44 171 286 0177.

March 25-27 Camborne School of Mines (University of Exeter) — “Int’l Symposium on Biotechnology in Minerals Engineering.” Budock Vean Golf and Country House Hotel, Cornwall, England. Contact: Dr. B.A. Wills. Tel: +44 1209 714 866. Fax: +44 1209 716 977.

March 26 Toronto Society of Financial Analysts — “Future of the Investment Management Industry Morning Forum.” Sheraton Centre Dominion Ballroom South. Toronto, Ont. Tel: (416) 366-5755. Fax: (416) 366-6716.

March 26-29 Globe Foundation of Canada — “Globe ’96: Int’l Trade Fair and Conference.” Vancouver, B.C. Contact: Nancy Wright. Tel: (604) 775-1994. Fax: (604) 666-8123.

March 27-29 American Electroplaters & Surface Finishers Society — “Electroforming Course and Symposium.” Imperial Palace Hotel, Las Vegas, Nev. Contact AESF in Orlando, Fla. Tel: (407) 281-6441. Fax: (407) 281-6446.

March 27-29 Metal Bulletin — “4th Int’l Tin Conference.” Miami, Fla. Contact Jackie Gregson in Worcester Park, Surrey, U.K. Tel: +44 (0) 171 827 9977. Fax: +44 (0) 181 335 3994. Freephone (U.K. only): 0500 89 81 81. Or in New York, phone: (212) 213-6202. Toll free: 1-800-Metal-25. Fax: (212) 213-6273.

March 28-30 Mineral Economics & Management Society — “5th Annual Professional Program.” Delta Hotel, Montreal, Que. Contact MEMS in Houghton, Mich. Tel: (906) 487-2771. Fax: (906) 487-2944.