During the report period ended March 19, the price of gold bullion remained in the doldrums at around US$364 per oz., causing several speculative mining stocks to drift lower amid lacklustre trading. ares of Valdez Gold fell 4 cents to 20 cents after the company announced plans to sell a 26% stake in its Valdez Creek placer mine to Cambior for US$6 million. The purchase will raise Cambior’s stake in the Alaskan-based placer producer to 75%, while Valdez Gold will retain a 25% interest. Output from the mine is expected to reach 80,000 oz. this year.
One bright spot was Durvada Resources which traded 245,400 shares to close up 13 cents at $1.38. Earlier this month, the company signed exploration agreements that will see up to $3.2 million spent on three of its Nevada gold properties. One of the properties hosts the former Boss mine and was optioned to Reymont Gold which can earn a 50% interest by spending $1.5 million over three years. Reymont traded 750,300 shares to close up 1 cents at 7 cents.
Other declining gold issues in the report period include Integrated Resources, down 1 cents to 10 cents on volume of 235,500 shares, Golconda Resources, down 4 cents to close at 60 cents on volume of 165,300 shares, and Carlin Gold, down 14 cents to 24 cents on volume of 11,500 shares.
In the base metals area, Savanna Resources traded 844,800 shares to close up 12 cents at 70 cents. Savanna has been active in recent weeks on drill results from its California zinc property where Cyprus Minerals can earn a 75% interest by spending $3.5 million.
Kingswood Explorations traded 67,500 shares to close unchanged at 24 cents after it announced a new property acquisition in northern Quebec. The company has acquired 315 claims from Newmont Mines in Aloigny, La Gauchetierre and Daniel twps. Kingswood now owns a 100% interest in 914 contiguous claims situated west of the Matagami base metal camp. A 10,000-ft. diamond drilling program is continuing on the Kingswood’s other claims in La Gauchetierre and Daniel twps.
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