Western market loses ground

Vancouver — Canada’s junior exchange posted losses on all indices during the report period ended Aug. 14. The Canadian Venture Exchange composite index lost 17.65 points, or 0.6%, to close at 3,080.62, while its mining counterpart edged down 1.25 points and finished at 7,464.62.

Canabrava Diamonds was the week’s volume leader, with 3.9 million shares traded. The junior, which closed at 22, up 3, is exploring for diamonds in Brazil and Canada both independently and through joint ventures with Kennecott Canada Exploration, Navigator Exploration and Paramount Ventures & Finance. The company is 45.6%-owned by Toronto-listed Southwestern Resources.

Poplar Resources ended the week down 6 to 23 on a volume of 2.1 million shares. The company’s 65%-owned subsidiary, North Star Diamonds, recently completed a geophysical survey over the Bottenbacken polymetallic project in central Sweden

IBI treaded water and closed flat at 5, with 1.6 million shares traded. It has completed development of the Namekara vermiculite project in Uganda, and commercial mining is under way. Vermiculite is a low-cost industrial mineral which resembles mica in appearance and is used in hydroponics for growing plants, as insulation, as a component of cement/ concrete, and in brake-liners. It is also used in the manufacture of vitamins.

Montello Resources lost 2 and closed at 16 with 1.1 million shares changing hands. Although no new developments were announced, shares in the junior climbed 4 to 21. The company is exploring for diamonds in Alberta and Manitoba as well as platinum group metals in Ontario. The junior also holds an oil and gas prospect in Tennessee.

Conquistador Mines remained flat at a penny with 919,000 shares changing hands. The company is struggling to raise money to maintain its platinum and palladium properties in Nevada. It recently failed to raise money for its Colombian gold properties held by its subsidiary Corona Goldfields and as a result has been forced to abandon its subsidiary to bankruptcy liquidation.

Anatolia Minerals Development tacked on 12 and closed the week at 60 with 701,000 shares crossing the floor. The junior recently tabled drill results from its Cukurdere gold project in Turkey with joint venture partner Rio Tinto. Six of the first seven core holes drilled averaged approximately 60 meters at 2.3 grams gold per tonne, 9 grams silver and 0.10% copper.

Starfield Resources added 4 to its value and closed at 54 on 534,000 shares. The company is drilling the Ferguson Lake nickel-copper-platinum-palladium project in Nunavut.

Idaho Consolidated Metals plummeted 34 and closed at 50 on 494,000 shares. The selloff came following the release of assay results from its latest round of drilling on the Stillwater platinum-palladium property in Montana. None of the seven holes drilled yielded significant values.

Anzex Resources remained flat at 2 with 492,000 shares traded. Earlier this year, the junior punched four holes into the Woodlawn platinum prospect in Southland, New Zealand. Assay results are still pending.

IMA Exploration tacked on 7 to 47 on a volume of 249,000 shares. The junior is gearing up to drill the promising Tablon zone on the Rio Tabaconas (formerly Tamborapa) gold project in northern Peru. The exploration program outlined the zone over a 600-by-200-metre area. Values range up to 36 grams gold per tonne over 6.4 metres.

Failing to get a boost after announcing an update on its nickel-platinum-palladium projects in Ontario and Quebec, Aurora Platinum lost 40 and closed at $2.25.

Shares in Radius Exploration continued to rebound modestly following the release of results from the first four holes in the Tambor gold property in Guatemala. Stock in the Simon Ridgway-led company tacked on 1 to close at 98 on a volume of 457,000 shares.

Leader Mining International tacked on 2 to close at 90 on 336,000 shares. Stock in the junior moved higher following the announcement that money is in place to move forward on the Cogburn nickel property in British Columbia.