STOCK MARKETS – VSE — Western markets gain year-end ground but fall short of 1996 figures — Not a bad week for juniors exploring in Canada’s backyard

The Vancouver Stock Exchange composite index gained 7.05 points, or 1.15%, to close at 617.36 over the report period ended Jan. 6. The mining index slipped 0.67 points, or 0.13%, to finish at 510.50.

Year-end trading statistics on the Vancouver exchange were good, but couldn’t top the record levels reached during 1996. Total trading volume reached 7.1 billion shares, down 14% from 1996. The total value of shares traded during 1997 was $9 billion, down 25% from the previous year.

The combined value of the Alberta Stock Exchange rose 5.1 points, or 0.23%, over the report period to close at 2203.62. The total trading volume during 1997 decreased 4% to 3.9 billion shares, compared with 4.1 billion shares traded during 1996. The total trading value decreased 35%, to $3.87 billion from $5.97 billion, in 1996.

Four new exploration and development venture companies were listed on the Vancouver exchange during December, bringing total such listings this year to 53, the highest level of newcomers since 1990.

Bargold Resources (BGA), which is exploring in Ontario, was posted on Dec.

2. It closed up 1cents at 78cents.

San Telmo Resources (STA), listed on Dec. 15, operates chiefly in British Columbia. San Telmo closed at 45cents, neither gaining nor losing over the report period.

Rorex Exploration (RRX) is also exploring in the wilds of British Columbia.

Its issues remained steady at $2.

Darnley Bay Resources (DBL), which is exploring in the Northwest Territories, closed down 10cents at $1.30.

Donner Minerals and joint-venture partner Alberta-listed Northern Abitibi had a wild week. Both stocks rose and fell on heavy trading in anticipation of an early start to drilling at their South Voisey’s Bay property in Labrador.

Donner closed at $1.28, for no change. Northern Abitibi’s issues closed up 2cents at $1.10.

Winspear Resources jumped 19cents to $1.32. Drilling at the company’s Camsell Lake project, situated 140 miles north of Yellowknife, is expected to commence in February. Caustic fusion results from 214.13 kg of boulder material taken from the Snap Lake area produced 325 microdiamonds and 169 macros. Winspear, the operator, holds a 57.3% in the Camsell Lake joint venture. Toronto-listed Aber Resources holds the remaining 42.7%.

Rupert Resources released results of samples taken from its Hypabyssal Kimberlite project at the Crown-1 diamond mine in South Africa. Of 197 diamonds recovered from the deep pipe, 43 were macros. Rupert’s issues closed up 13cents at $2.70.

International CanAlaska and International Freegold Mineral Development can earn a 50% stake in the SVB-1 project of Alberta-listed Cartaway Resources.

That project is situated 7 km south of the Donner-Northern Abitibi property.

CanAlaska and Freegold are required to complete a $100,000 private placement and exercise $50,000 worth of Cartaway warrants by May 31,1998. The companies are also required to raise $100,000 for exploration by April 30, 1998, and $500,000 by December 1999. CanAlaska’s issues remained steady at 36cents. Cartaway’s issues rose 2cents and closed at 15cents. International Freegold closed at 36cents, up 5cents.

On the KAP joint venture, near Wawa, Ont., Canabrava Diamonds and partner Paramount Ventures and Finance are conducting high-resolution airborne magnetic and electromagnetic surveys over all four of their claim blocks.

Paramount is covering acquisition costs and exploration expenditures to earn a 50% share in the project. A kimberlite pipe cluster was found last October on ground held 100% by Canabrava. The companies intend to begin drilling in February. Canabrava rose 35cents, to close at $2.25. Paramount was up 3cents to 73cents.