Markets dive after terrorist attacks

Vancouver — Canada’s junior exchange was hovering around the 3000-mark before trading was halted on Sept. 11, shortly after horrendous terrorist attacks in New York, N.Y., and Washington, D.C. The CDNX plunged 41.84 points after the opening bell, and over the week ended Sept. 11, the composite index lost 95.85 points, or 3.2%, to close at 2938.61. The mining index dropped 73.04 points on Tuesday, and 174.38 points, or 2.3%, over the week to close at 7,404.68.

Poplar Resources was the volume leader over the week, trading 3.7 million shares. Despite the flurry of trading activity, the issue closed at 30, unchanged over last week. The company’s 65%-owned subsidiary is working the Sundsvall diamond project and the Bottenbacken polymetallic project, both situated in Sweden.

Quaterra Resources gained ground on news that a drill rig is turning on its Union Bay platinum-palladium property in Alaska. Shares in the company tacked on 10 to 24 on a volume of 1.8 million.

Donner Minerals got a boost after Falconbridge signed a deal to earn up to a 50% stake in the South Voisey’s Bay project in Labrador. The junior’s shares went ahead 2 to 18 on a volume of 1.7 million. The deal involves Donner’s majority-owned subsidiary SVB nickel company, Northern Abitibi Mining, Major General Resources and Pallaum Minerals. Falconbridge must spend $23 million on exploration before the end of 2006 to earn its interest. Shares in Pallaum Minerals gained a penny to close at 21 on a volume of over 1.3 million shares. Northern Abitibi closed up 1 on 72,000 shares and Major General lost 1 to close at 6, on 278,000 shares.

Financially troubled Conquistador Mines ended the week flat at 1 with 1.3 million shares traded. The company dropped the Great Eastern gold property in Nevada after failing to make a US$45,000 payment. The junior says its efforts to raise money have not been successful, triggering doubts whether it can survive the bear market.

A big percentage loser, Ventures Resource lost 2 and closed at 2 on 820,000 shares. The company is in the midst of a US$800,000 exploration program on its Veta property in east-central Alaska.

Kenrich Mining gained a penny and closed at 2 as 775,000 shares changed hands. Investors have been shedding the stock over the past two months, after the company reported that it would not enter the oil and gas business as planned. Kenrich holds ground near the Eskay Creek polymetallic mine in British Columbia.

Shares in Leader Mining International were up 3 to close at $1.20 with 749,000 shares traded. The company has inked a deal to acquire a 51% stake in two projects near Hope, B.C. The new properties lie adjacent to the company’s Cogburn nickel project, 100 km east of Vancouver, B.C.

Gold Canyon reports that it will begin a first-phase drilling campaign on its Cordero gallium project in Humboldt Cty., Nevada in mid-October. The program will consist of roughly 2,287 metres of reverse circulation drilling with a projected budget of $100,000. Gallium is a rare metal used in cell phones, computers, CD players, DVD players, and other high-tech equipment. The company lost 26 and closed the week at $1.49, with 676,000 shares traded.


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