STOCK MARKETS — Heavy trader Tenajohn slides 70 cents on

Western markets took it on the chin over the week ended May 10, despite a rebound in gold to US$380 per oz.

The Vancouver Stock Exchange resource index lost more than 30 points to close at 1,044.91, while the composite index plunged 47.43 points to finish at 1,661.78.

Tenajon Resources took the top trading spot with more than 3 million shares changing hands.

Disappointing results from the Cross Lake joint venture in the Northwest Territories prompted a selling spree that hammered the issue down 70 cents to 95 cents.

Five samples from four holes on the Cross kimberlite pipe returned a total of one macrodiamond and 34 microdiamonds. The samples weighed an aggregate of 221.6 kg.

The joint venture, which includes Toronto-listed Pure Gold Resources and Ashton Mining, sees good potential in locating other diamond-bearing pipes near the Cross pipe, where several targets remain untested.

The potential acquisition of properties in Peru and Surinam continues to help Ace Developments, which added 31 cents to close at $1.24.

Argentina Gold added 50 cents to finish at $8 after announcing plans to complete a private placement of one million units at $8 each. Investors are expecting big things from the company’s La Poposa property in Argentina. Work to date has been limited to sampling and trenching over a portion of an alteration zone measuring more than 10 sq. km. Recent trenching returned 22 metres grading 6.7 grams gold per tonne, 34 metres grading 1 gram gold and 8 metres grading 2.77 grams gold. Murray Pezim’s Haddington Resources is setting up shop in Pickering, Ont., and plans to focus on exploration and acquisitions in the Timmins and Shining Tree camps of Ontario. Former Noranda geologist Walter Nash will head the junior, thereby adding another dimension to Pezim’s “Back to Canada” exploration strategy.

The issue added a nickel to close at 55 cents.

El Callao Mining slid another 30 cents to $3.55 as investors awaited additional results from the Lo Increible gold property in Venezuela. Recent results include a 22.9-metre intersection grading 3.4 grams and a 36.5-metre intersection grading 3.8 grams.

Platinum explorer Starcore Resources slipped 9 cents to close at 95 cents. The company recently started field work on the Goodnews Bay platinum property in Alaska. Starcore, which is earning a 70% interest, hopes to find the source of placer deposits, which have produced some 650,000 oz. platinum. Golden Unicorn Mining managed to reverse a selloff to the 40 cents level, closing off 5 cents at 75 cents on more than 1.3 million shares. The company reportedly has a “mystery” diamond project in southeastern British Columbia. Aquamin Resources completed a name change to Peruvian Gold and started exploration work on two of its properties in the coastal gold belt of Peru. The company also applied for additional claims in the area and is evaluating other prospective acquisitions.

Peruvian Gold slipped 15 cents to close at $1.65.

Share ratios for the merger of Dentonia Resources, Alberta-listed Horseshoe Gold Mining and Toronto-listed SouthernEra Resources have been completed. Shareholders of Dentonia and Horseshoe will receive 1.25 shares of a new company called NorthernEra for each share held, while SouthernEra shareholders will receive one share of the new company for each share held. Horseshoe and SouthernEra finished unchanged at $6.50 and $6.38, respectively, while Dentonia slipped a quarter to $6.68.

Golden Tag Resources added 4 cents to finish at 70 cents after announcing plans to develop diamond and gold placer properties on five concessions in Brazil, with a Brazilian company.

Negotiations for the acquisition of an option on a diamond property near Kimberly, South Africa, helped PBX Resources add 20 cents to close at 60 cents.

The property covers a kimberlite fissure (dyke) which is said to have returned good-quality diamonds from test pitting.