STOCK MARKETS — Juniors gain from positions in Venezuelan

Continued weakness in diamond-related issues after the previous week’s selloff hampered western markets during the period ended Jan. 12.

The Vancouver Stock Exchange resource index was left unchanged at the 665 level and the composite index added more than 14 points to close at 656.71. Reports that South African diamond mining giant De Beers finished 1992 with $4 billion in diamond inventories, or about a year’s supply, probably didn’t help the situation.

During the previous reporting period, Commonwealth Gold, along with TSE-listed SouthernEra Resources and Aber Resources, reported that drilling on their joint venture ground in the Lac de Gras area of the Northwest Territories returned only small quantities of microdiamonds. Follow-through selling pushed Commonwealth Gold to a low of 64 cents before the issue rebounded to 71 cents, for a 14 cents loss on the week. Companies with ground surrounding Placer Dome’s Las Cristinas property in the Kilometre 88 gold district in Venezuela continue to generate investor interest, although Placer has made no official announcements about the size of its potential gold find.

Mt. Grant Mines, which holds concessions nearby, jumped $1.68 to finish at a new high of $7.

The company recently acquired additional ground in the area through a joint venture agreement with Carson Gold. The deal gives Mt. Grant up to a 70% interest in Carson-owned gold concessions. Carson closed up 35 cents at $1.85. Crystallex Resources, which owns the Albino concession adjacent to Placer’s Las Cristinas, vaulted to a new high of $4 before closing up 97 cents at $3.85.

Eurus Resource, which can earn a 50% interest in the Albino property by assuming property payments and funding exploration and development to feasibility, also gained ground, adding 43 cents to close at $1.65. Hoping to join in on the action, Golden Ring Resources announced it is negotiating to acquire property in the Kilometre 88 region. The issue added a nickel to close at 37 cents.

The initial hole from a confirmation drilling program on the Taysan copper property in the Philippines gave Chase Resource a boost. The issue finished up 57 cents at $3.25, marking almost a doubling of the share price since the start of the program.

The company has an option to acquire a 67.4% interest in the property and is completing an infill drilling

program to upgrade previous estimates of proven and probable reserves which stand at about 370 million tons grading 0.31% copper and 0.01 oz. gold per ton.

Chase’s initial drill hole, in an area where the company hopes to prove up a high-grade starter pit, returned 0.55% copper over the first 486 ft. of the hole, followed by about 233 ft. grading 0.87% copper. Gold assays for the hole have not been released.

Tenajon Resources finally found a new project, announcing a deal to earn up to a 70% interest in a large porphyry copper prospect in Mexico. The company can earn an initial 49% interest by making payments totalling US$100,000 and spending US$400,000 on the property.

Tenajon is well funded for the project with about $1.8 million in working capital from mining operations at its SB property in northwestern British Columbia. The issue added 7 cents to close at 35 cents.

The expansion of its property interests in the Greenwood area of southern British Columbia gave Britannia Gold a 28 cents boost to 60 cents. Britannia recently agreed to acquire the Richmond Lonestar property, which is contiguous to the company’s Lexington property. Previous operators estimated preliminary reserves at the Lonestar at about 19.4 million tons grading 0.52% copper and 0.01 oz. gold.

Orvana Minerals added 22 cents to close at $2.12. The company is in the process of acquiring a 100% interest in BHP Minerals’ Central Inlier prospect in Jamaica.

Orvana is planning to complete a 6-hole infill drilling program to confirm previous exploration work by BHP, which outlined a preliminary resource of about 2.2 million tons grading about 0.088 oz. gold.