Western markets were sideswiped by the Christmas doldrums over the report period ended Dec. 19. The Vancouver Stock Exchange resource index dropped 23.66 points to close at 1,241.52, while the composite index slipped 8.1 points to finish at 766.59.
A boardroom power struggle appears to be in the making for Sutton Resources, specifically between James Sinclair and the board of directors. Sinclair was recently removed as chairman and replaced by Roman Shklanka. Sinclair’s wife has since sent notice requesting a shareholders’ meeting to consider removal of all directors, with the exception of Sinclair. Sutton holds several Tanzanian projects, including the Bulyanhulu gold project, as well as the Kabanga and Kagera nickel projects, which are joint-ventured with BHP Minerals. Sutton closed up $2.75 at $14.75.
Trenching on the Miguela property, one of five gold concessions recently acquired by Essex Resource north of Santa Cruz, Bolivia, has returned values of up to 37.1 grams gold per tonne over 8 metres. Essex jumped 24 cents to finish at $1.00.
Corum Resource signed a letter of intent for a 75% interest in the Paquime gold-silver property, covering 6,960 hectares in Mexico’s Chihuahua state. Corum closed at 20 cents for a gain of 5 cents.
Joint-venture partners Castle Rock Explorations and United Compass Resources released results from drilling carried out on the Okak property in Labrador. Selected intervals are as follows: 3.2 metres of 1.1% nickel, 0.93% copper and 0.104% cobalt; 3 metres of 1.28% nickel, 0.37% copper and 0.06% cobalt; and 7.5 metres of 0.88% nickel, 0.56% copper and 0.05% cobalt. Castle Rock edged down 10 cents to 74 cents, while United Compass lost 29 cents to close at $1.16.
Delta Gold Mining closed at 90 cents for a 10 cents gain. The company enhanced its position in the Philippines with the acquisition of four additional mineral concessions — two on Luzon Island and two in southern Mindanao.
An agreement to purchase the Man mineral claims in southeastern Yukon met with an 18 cents rise for Consolidated Shoshoni Gold, which closed at 58 cents. The claims cover 82.5 acres of the Yukon-Tanana terrane, adjoining ground held separately by Westmin-Atna Resources and Expatriate Resources.
Indomin Resources, which resumed trading Dec. 15, closed at $2.30. The company, formerly known as Golden Marlin Resources, had undergone a share consolidation on a 6-for-1 basis and completed a $9.2 million public offering by way of Statement of Material Facts. The funds will be used to finance exploration on its Indonesian mineral projects, acquired through the purchase of Indo Mineratama BVI.
Sidon International Resources reports it, too, has entered into negotiations to acquire an interest in mining properties in Indonesia. The issue closed up 3 cents at 65 cents.
Booker Gold Explorations took a hit, losing 80 cents to close at $2.55. The company is drilling its Hearne Hill copper-gold project northeast of Smithers, B.C., and intends to continue drilling through the winter months.
Following due diligence by Toronto-listed Cambior on the Plata base metal property held by Zappa Resources, a joint-venture agreement was signed. Cambior can earn a 51% interest in the Ecuadorian property by spending US$2 million over three years. Zappa closed up 18 cents at 70 cents.
Murgor Resources is having another go at its Barry Twp. gold property in northwestern Quebec. A systematic, shallow-hole drill program is under way in a bid to evaluate the gold mineralization. Murgor edged down 7 cents to 56 cents.
Minerva Gold Mines responded to its recent market activity by stating that the company has made no material changes in its affairs. It is working on a reorganization, as well as reviewing proposed ventures for the company. Minerva gained 4 cents to finish at 20 cents.
Pacific Talc slipped 9 cents to close at 73 cents. The company has added a gold-silver property to its protocol agreements, bringing the total to three mineral properties in Kazakhstan, in which it can earn a half interest.