Junior exchange moves up with bullion

Vancouver — Canada’s junior exchange ended the trading week Aug. 6-12 on an up-note as the price of bullion moved higher. The S&P-TSX Venture Exchange composite index gained 12.13 points, or 1% of value, and closed at 1,224.95.

Millstream Mines closed the week up 3 to 12 with 2.9 million shares traded. The company holds the Airport property, just outside the eastern rim of Ontario’s Sudbury Basin. Crowflight Minerals is earning a half-stake by spending $325,000 on initial exploration, with Millstream as operator. This work program includes an induced-polarization resisitivity geophysical survey over the entire property. Crowflight remained flat at 45 with 777,000 shares traded.

Royal Standard Minerals gained 1 to close at 24 on a volume of 2.9 million shares. The junior has all the necessary permits to begin drilling on its wholly owned Pinon gold-silver project in Elko Cty., Nev.

Knight Resources shed 17 and closed at 55 with 2.7 million shares crossing the floor. The junior increased its budget to $2.2 million for the West Raglan nickel-copper project in northern Quebec. Knight is earning a 49% stake in the West Raglan property from Anglo American Exploration (Canada). The 680-sq.-km project covers more than 60 km of the interpreted western extension of the Raglan Horizon, which hosts the deposits at the Raglan mine.

Samex Mining closed at 47, up 16 on a volume of 2.2 million shares. The company has arranged a private placement of 844,000 units, each of which consists of one share and half a share purchase warrant. The units are priced at 40 each. One full warrant entitles the holder to buy an additional share for 40 if exercised at any time during the 2-year term of the warrant. Proceeds will applied to exploration properties in Bolivia and Chile.

Kalahari Resources added 6 and closed at 21 with just over 2 million shares changing hands. The junior recently tabled an independent study on the Lamaque gold property in the Val d’Or area of Quebec.

Spider Resources found a penny and closed at 11 with 2 million shares exchanged. The company, together with partner KWG Resources, has been exploring the McFauld Lake massive sulphide project on the Spider 3 property in the James Bay lowlands of Ontario. KWG ended the week up a penny at 11 on 410,000 shares.

Star Resources tacked on 3 and closed at 31 on a volume of nearly 1.7 million shares. Star completed its due diligence review of the Tocantinzinho gold project in Brazil and will now proceed with the acquisition. Previous work by Altoro Gold, in the late 1990s, outlined a 400-by-200 metre gold-in-soil anomaly with values greater than 1 gram gold per tonne.

Alamos Gold jumped 15 and closed at $1.51 with 1.4 million shares traded. The company has received results from metallurgical tests carried out by Resource Development on sulphide-rich gold mineralization from the Mulatos Gold project in Mexico. The results indicate that a maximum of 87.5% of the total gold in sulphide mineralization can be leached with cyanide.

Investors continued to bid up shares in Mag Silver ahead of drill results from the Juanicipio silver project in Zacatecas state, Mexico. Stock in the junior gained 21 to close at $1.21 on a volume of 1.1 million shares.


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