WESTERN MARKETS — Western markets end year with modest gain — Canadian juniors show little signs of life over holiday period

The Vancouver Stock Exchange composite index edged up 1.27 points, or 0.34%, to finish the holiday-shortened report period ended Dec. 24 at 378.64. The mining index remained steady, losing only 0.19 point, or 0.07%, to finish the week at 283.40.

Meanwhile, the combined value of the Alberta Stock Exchange tacked on 5.52 points, or 0.33%, to finish the Christmas season at 1668.49.

Argentina Gold lost 45 cents and closed at $5.05. The company announced that its board of directors has advised shareholders not to tender their shares to Toronto-listed Barrick Gold. Barrick made an offer to purchase all the outstanding common shares of Argentina Gold in cash at $4 per share. To assess the fairness of the offer, Argentina Gold has retained Loewen Ondaatje McCutcheon, which is expected to complete a financial assessment by Dec. 31, 1998.

Winspear Resources tacked on 16 cents and closed at $3.26. The company announced that the VSE has accepted a brokered and non-brokered private placement of 1.5 million non-flow-through shares and 3.4 million flow-though shares at a prices of $2 and $2.20, respectively. Warrants can be exercised at a price of $2.25 per non-flow-through share for one year and $2.50 per flow-through share for one year. Winspear holds a 67.8% interest in the Camsell Lake project in the Northwest Territories. Toronto-listed Aber Resources holds the remainder.

Alberta-listed New Indigo Resources and Toronto-listed Lytton Minerals plan to tie the knot in the new year and become one entity under the name Tahera.

According to the agreement one Lytton share will be exchangeable for one Tahera share, whereas one share of New Indigo will fetch 2.4 Tahera shares.

Both companies have called a special shareholders meeting for Feb. 5, so that the deal can be voted on. New Indigo closed up 5 cents to 36 cents.

Consolidated Westview Resources found a nickel and closed at 25 cents. The company announced that it has completed the brokered private placement of 3 million units at 15 cents per unit, raising gross proceeds of $450,000.

Toronto-listed Bema Gold acquired 1.6 million units of Consolidated Westview at 15 cents per unit. Bema now owns 3.4 million shares, representing 41.3% of Westview’s issued and outstanding shares. The warrants Bema acquired allow the company to extend its holdings to 46.5% of Westview.

Noront Resources rose 4 cents and closed at 26 cents. Toronto-listed Klondike Gold can earn a half-interest in Noront’s 48-claim units in Ontario’s Thorneloe Twp., as well as 12 patented claims in Ogden Twp.

Klondike must issue 100,000 shares and pay $55,000 over a 24-month period, as well as incur $500,000 in work expenditures over 36 months.

Hyperion Resources rose 4 cents and closed at 21 cents. The company announced that Toronto-listed Adrian Resources has completed a purchase of 375,000 escrowed shares and 1 million units of Hyperion Resources. Each unit consists of one share and one 2-year warrant entitling the purchase of one additional share of Hyperion at a price of 20 cents prior to Dec. 21, 2000.

Adrian acquired these securities partly in order to gain an indirect interest in Hyperion’s Holguin property in northeastern Cuba.