STOCK MARKETS — Western markets continue to follow

The downtrend in western markets remains intact, with the Vancouver Stock Exchange resource index losing more than 21 points during the week ended Feb. 7 to close at 1,148.40.

The composite index fared a little better, slipping just over seven points to close at the 710 level.

Trading in Murgor Resources remains healthy, with more than 1.1 million shares changing hands, helping push the issue up 20 cents to $2.30. The company plans to begin drilling soon on its property near Chibougamau, Que., in an effort to test a gold-bearing shear zone uncovered by surface trenching. Values from the trenching included 0.33 oz. gold per ton over 31.4 ft., 0.42 oz. over 5.25 ft. and 0.21 oz. over 19.1 ft.

Calco Resources added a nickel at 18 cents after announcing an agreement to earn a half interest in 15 claims, three miles northwest of Murgor’s property, from International Homestead.

Former partners Crystallex Resources and Eurus Resources may have finally settled a long-standing dispute over the Albino gold property in Venezuela. The upgraded proposal involves the formation of a new company, with Eurus shareholders receiving one share for every 4.5 shares held and Crystallex holders receiving a single share for each share owned.

Eurus reacted well to the news, doubling to the 40 cents level, while Crystallex remained little-changed at $2.60.

Bomax Resources added 39 cents to finish at $1.14, following the announcement of plans to enter a joint venture to quarry granite in Suriname. Assay results from drilling on the Shiningtree property in Ontario’s Tyrrell Twp. helped partners Haddington Resources and Portman Exploration gain ground in active trading. One hole returned 186.7 ft. grading 0.09 oz. gold, including a 34.3-ft. interval grading 0.12 oz. A further four holes are planned to test for the extension of the mineralization.

Haddington traded as high as $1.30 on more than 1.2 million shares before settling up 23 cents at $1.15, while Portman jumped 17 cents to 82 cents. A widely spaced drill program on the Pamlico gold property in Nevada returned disappointing results for partners Pamlico Gold and Cactus West Exploration. Significant results ranged from 5 ft. grading 0.057 oz. gold to 20 ft. grading 0.07 oz. Assay results from another 11 of the 33 holes drilled are still pending. Pamlico slipped 4 cents to 46 cents while Cactus West dipped 2 cents to a new low of 21 cents.

Carlin Resources received approval to acquire all the property holdings of Cornucopia Resources in Ghana, West Africa, in exchange for 1.6 million shares of Carlin. The issue finished down 3 cents at 55 cents. The vending of five of its copper properties in Peru to a “major international” mining company did little to help Arequipa Resources, which dipped to a new low of 49 cents before closing down 3 cents at 55 cents. The major can earn up to a 60% interest in the properties by paying US$1.6 million and spending US$10 million, in addition to a “success” payment of US$5 million on each property at the point of a development decision. Plans by Gold Canyon Resources to acquire all the shares of Bradner Resources did little for either issue. Gold Canyon, which is offering 0.75 of a share for each Bradner share, slid 14 cents to 91 cents while Bradner edged down a penny at 55 cents.

Alberta-listed Takla Star Resources completed a 500,000-unit (one share and one warrant) private placement at $1.27, boosting the company’s working capital to $1.1 million. Takla holds about 60,000 acres of ground comprising 16 claim groups in the Voisey Bay area of northern Labrador and is working to vend the properties to third parties. Takla closed up 14 cents at $1.45.