Tax-loss selling hampers CDNX

Vancouver — Falling victim to tax-loss selling, Canada’s junior exchange lost ground on heavy volume. The S&P-CDNX composite index closed the week ended Dec. 18 down 21.8 points, or 2.2%, and closed at 975.

Platinum Group Metals was the week’s volume leader, with just under 2.8 million shares changing hands. The company, which lost 3 and closed at 26, intends to merge with New Millennium Metals and form a company that will hold the largest portfolio of mineral rights within 35 km of the Lac des les palladium mine. Currently, Platinum Group Metals is conducting 30 km of geophysical surveys, as well as soil and rock sampling, to target areas for drilling at its Stucco project, near Thunder Bay, Ont. New Millennium tacked on 6 to close at 16 on low volume.

Hunter Dickinson-led Amarc Resources found a penny and closed at 40 with 1.7 million shares traded. The junior is gearing up to launch a drill program over the Inde gold property in Mexico.

Poplar Resources lost 1 to close at 10 on 1.5 million shares. The latest batch of assay results from ongoing drilling over its Bottenbacken polymetallic property in Sweden failed to excite investors. Three of four holes drilled into the Central zone returned low-grade values of copper, platinum, palladium and gold.

Another company from the Hunter-Dickinson stable, Rockwell Ventures, jumped back on to investor’s radar screens, gaining 2 to close at 16 on a volume of 974,000 shares. The junior announced a $1-million financing comprising 6.25 million units priced at 16 each. The funds will be applied to a drill program over the newly acquired Haut Plateau nickel sulphide property in east-central Quebec.

War Eagle Mining ended the week up a penny to 11 on a volume of 791,000 shares. The company has been exploring the MAC tantalum property in the Northwest Territories. The first phase of exploration identified two broad areas within the dyke complex that contain enhanced tantalum and tin grades along with a central lithium-rich area.

Freewest Resources lost 4 and closed at 30 on 774,000 shares. The company completed a private placement by issuing 1.7 million flow-through commmon shares to CMP 2001 Resource at 30 per share. Freewest will use the proceeds to develop its Clarence Stream project in New Brunswick and Lizar project in Ontario.

Chapleau Resources tacked on 2 and closed at 48 with 735,000 shares traded. The junior recently identified a third tantalum target on its Kougarok property in Alaska. The property is a 50-50 joint venture between Chapleau and Navigator Exploration. Navigator closed up 9 to 44 on a volume of 37,000 shares.

Tiberon Minerals dropped 17 to $1.91 on 350,000 shares. The junior released assay results from 11 stepout holes that expanded its Nui Phao tungsten deposit to the east, west and south.

Majescor Resources added 11 to its value and closed at 70 with 332,000 shares traded. The company and its partner, Canabrava Diamonds, announced that they have launched an airborne geophysics program on the Mistassini project in Quebec. Canabrava closed up 3 to 30 on 244,000 shares.

Kensington Resources lost 2 to end the day at 68 on 257,000 shares. The company holds a stake in the Fort la Corne diamond property in Saskatchewan, where diamond counts are expected shortly.