CDNX scrambles to recover from carnage

Vancouver — Although the high-tech meltdown was tempered by a strong rebound, the report period ended April 18 will be remembered chiefly for its carnage. The Canadian Venture Exchange lost 375.37 points, or 9.3%, and closed the week at 3,650.30. The mining index slumped 374.22 points, or 8.7%, to close at 3,932.96, while the tech index nosedived 802.66 points, or 13.3%, to finish at 5,223.53.

International Wayside Gold Mines tacked on 16 to close at $2.25, with 4.2 million shares changing hands. The company recently had risen to a 52-week high of $2.80 on news of a new gold discovery on its Cariboo property in the historical area of Barkersville in north-central British Columbia.

Following in Wayside’s footsteps, Abitibi Mining gained 3 to close at 17, following the exchange of 3.3 million shares. The market has been digesting the news that Wayside acquired the right to earn a half-interest in its Wolf property. The Wolf claims lie south of the new gold zone cut by Wayside during its ongoing drill program.

Marum Resource closed even, at 36, with 1.7 million shares traded. The company holds an interest in the Chinchaga diamond joint venture in northern Alberta with International Tower Hill Mines. Preliminary drill results from six targets identified volcanoclastic rocks in the major volcanic system. Geochemical tests are under way in hopes of identifying kimberlite.

Francisco Gold lost a 30 and closed at $5.10, with 2.1 million shares traded. At last report, the company was in the process of acquiring privately held Montana Gold for its Guatemalan assets. Montana holds 6,000 sq. km of highly prospective mineral concessions in western Guatemala, as well as a joint-venture interest in El Salvador.

New Blue Ribbon Resources dropped 7 to close at 39. The junior recently tabled a resource estimate for its Pelican Mountains heavy minerals deposit in Alberta. The total inferred resource is pegged at 14.4 million tonnes with a total heavy minerals content of between 900,000 and 1.2 million tonnes grading 21-24% rutile, 33-36% ilmenite and 15-18% magnetite.

Cantex Mine Development dropped 9 and closed at 50, following the exchange of 1.7 million shares. The company failed to hold on to strong gains it had made earlier in the week. Investors continue to await the latest drill results from the Suwar massive sulphide project in Yemen.

Pacific North West Capital lost $1.12 to close at $2.78. The junior released assay results for an additional four holes on the River Valley platinum group metals discovery, 60 km northeast of Sudbury, Ont. Highlights include 321 ft. averaging 0.36 gram platinum, 1.1 grams palladium and 0.03 gram rhodium, and 7.5 ft. of 2.4 grams platinum, 7.4 grams palladium and 0.19 gram rhodium. South Africa’s Anglo American Platinum stands to earn an initial half-interest in the project by spending $4 million on exploration and paying $300,000. By completing a feasibility study, Anglo can earn an additional 15%.

After languishing in the mining market since its inception just over two years ago, Green Point Resources, a former gold explorer with exploration properties in Mexico, can be added to the growing list of mining companies switching to high-tech. Green Point recently acquired a private company, Wildcard Communications, which is designs wireless accessory and modular cell phone technology. The company’s shares rocketed $1.33 and closed at $1.40.