Gold glitters on junior exchange (September 01, 2003)

Vancouver — Canada’s junior exchange continued its bull run over the week ended Aug. 26 as it chased after rising bullion prices. The S&P-TSX Venture Exchange composite index tacked on 25.88 points, or 2.07%, and closed at 1275.61.

Strongbow Resources was the most actively traded issue, losing a penny and closing at 29 with 3.8 million shares traded. The junior recently shifted exploration focus to the search for gold and diamonds in northern Canada. As part of this strategy, Strongbow acquired 990 sq. km in the Coronation Gulf area of Nunavut and 1,860 sq. km in the territory’s Melville Peninsula area.

Sunridge Gold tacked on 76 and closed at $1.60 with 2.8 million shares traded. The company announced it is proceeding with a brokered private placement financing of up to $4 million. Proceeds will help fund exploration on the Asmara project in Eritrea.

Spider Resources found a penny and closed at 10 with 2.2 million shares changing hands. The junior and its joint-venture partner, KWG Resources, are exploring the Spider 3 base metal prospect in the James Bay Lowlands of northern Ontario.

The latest drill results from the Golden Hills property in Mongolia lifted shares of QGX. The junior intersected up to 13.8 grams gold per tonne over 31.5 metres in the Central Valley zone at the Golden Hills prospect in Western Mongolia. The stock soared 50 to close at $1.75 with 2.2 million shares crossing the floor.

Blackstone Ventures tacked on 14 and finished the week at 29 on a volume of 2.2 million shares. The company recently signed a letter of intent with Toronto-listed Falconbridge to explore two large nickel-copper-cobalt projects in Norway.

Meanwhile, Pan Asia Mining added 2 to close at 14 on 2.1 million shares. Trading in the company resumed following completion of a technical report on its 701 diamond mine in China’s Shandong province.

Shear Minerals continued to trade heavily, closing the week up 15 to 93 with just over 2 million shares changing hands. Shear has a portfolio of 11 diamond projects in the North Slave and Keewatin regions of Nunavut, the Lac de Gras region of the Northwest Territories, northern Alberta, and Alaska.

South-Malartic closed at 35, up 7 with 1.7 million shares traded. The company holds about a dozen properties in the Abitibi spanning 89 sq. km. Four of these — Croinor, Chimo, Robinson and Bruell — host gold resources, and the company’s target is open-pit production at one of them.

Mosquito Consolidated Gold Mines closed at 13, up 4 on a volume of 1.7 million shares. The company inked a property option agreement with International Wayside Gold Mines for a half-stake in the Cariboo Gold Quartz mineral claims and a 100% interest in the Mosquito mine and Island Mountain mine mineral claims. Wayside closed the week at 13, up 2 on 1.5 million shares.

Glencairn Gold got a boost from a $1.6-million flow-through financing. The junior added 10 to close at 59 on the trading of 1.6 million shares. The funds will be kept in escrow pending the closing of Glencairn’s proposed merger with Toronto-listed Black Hawk Mining. The money from the financing will be used to explore Black Hawk’s Vogel gold property in Timmins, Ont.


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