STOCK MARKETS — Western markets take another beating

Western markets were hit hard at the end of our report period ended July 23, erasing most of the gains made earlier in the week.

The Vancouver Stock Exchange composite index closed up 3.85 points at 1,105.28, while the resource index ended at 1,963.65, up 9.19 points.

Profit-taking in Valerie Gold Resources was evident as the issue took a battering. Drill results were released from the Mamatla massive sulphide project in Mexico. Valerie traded as low as $8 before closing at $10.35 for a loss of $4.90. Associated companies Sultan Minerals, Cream Minerals and Emperor Gold, all of which comprise the Lang Mining Group, did not emerge unscathed. Sultan slipped 44 cents to close at $1.88, Cream dropped to $3.25 for a loss of $1.75, and Emperor closed down 85 cents to $3.15 Partners Alberta-listed Troymin Resources and International Butec Industries were stung on the release of additional drill results from the Hawk Ridge copper-nickel property in Quebec. Troymin fell back 90 cents to $1.40, while International Butec dropped 78 cents to finish at $1.82.

The first of six holes, which tested a 200-metre strike length of a stockwork vein system at the Trinidad concession held by Eaglecrest Explorations in Bolivia, returned 110.9 ft. of 0.11 oz. gold per ton and 38.7 ft. of 0.037 oz. Eaglecrest tacked on 70 cents to close at $2.70.

Heavy trading in Arizona Star Resource pushed the issue to a high of $6.30 before settling at $5.60, for a gain of 45 cents. The company, along with its 49% joint-venture partner, Toronto-listed Bema Gold, is carrying out a deep drilling program below the Cerro Casale deposit at the Aldebaran gold property in Chile. An additional seven holes have been completed, with assay results expected in the second week of August.

A decision by New York-listed Cyprus Amax Minerals to walk away from the Taurus gold property near Cassiar, B.C., and sell its right to earn up to a 70% interest back to International Taurus Resources, did not please the market. International Taurus closed at 94 cents, for a loss of 71 cents. Hera Resources, which holds a 21.6% interest in the junior, fell 80 cents to $1.20.

Expatriate Resources finished up $1.10 at $3.25. That company holds an extensive portfolio of properties in the Finlayson-Wolverine Lake area of southeastern Yukon and is currently drilling some of its more prospective targets.

Alberta-listed Stratabound Minerals fell 70 cents to $1.30 on the release of assay results from two holes drilled at the Taylor Brook property in northern New Brunswick. Results from the two holes, which intersected massive sulphide intervals of 20 and 22.1 ft., included a 3.3-ft. interval grading 3.04% zinc and 1.65% lead plus 3.09 oz. silver, and a 4.2-ft. interval grading 2.91% zinc, 2.27% lead and 3.27 oz. silver in hole 96-25.

Based on results of a preliminary 6-hole drill program at the Tasna joint venture in southern Bolivia, Toronto-listed Cameco has withdrawn from the venture, which it shared with Corriente Resources. The program failed to identify a bulk-tonnage target with a grade exceeding 2 grams gold. Corriente closed down 20 cents to $2.42.

The acquisition of an option to acquire up to a 65% interest in the hardrock rights to the Mt. Kare prospect in Papua New Guinea continues to bode well for Madison Enterprises. The issue climbed 67 cents to $2.12.

Peruvian Gold was up 80 cents at $3.71 on trench results from its Perenti gold prospect in south-central Peru, which included 38 metres of 1.9 grams gold per tonne, 4 metres of 2.1 grams and 12 metres of 2 grams.

A new gold-silver zone was discovered at the joint-ventured Angostura project in northeast Colombia. Churchill Resources, which can earn a half interest in the project from Greystar Resources, closed up 48 cents at $1.20. Greystar tacked on 16 cents at $1.20.

An airborne magnetic survey over a Botswanan land package of prospective nickel properties, held both solely by Fancamp Resources and in joint venture with Toronto-listed Freewest Resources, revealed several magnetic anomalies, including an intense feature measuring 10 by 13 km, which lies at the intersection of the Kalahari Suture zone and an extension of the Zambezi Rift. Fancamp finished at $1.25, up 19 cents.