STOCK MARKETS — Market uncertainty shaves 20 points off

Continuing uncertainty on major markets combined with a US$6-per-oz. drop in the price of gold to the US$378 level left the Vancouver Stock Exchange resource index down over 20 points at 1,793.13.

The composite index fared better over the period ended Apr. 12, posting an 11-point gain to 1,133.77.

Investor interest in Tenajon Resources helped push the issue to a new high of $2.30 before it settled at $1.96 for a gain of 13 cents.

The company announced plans to issue up to 1.5 million units at $1.90 per unit to fund general working capital, new acquisitions and exploration on existing properties.

In the meantime, the market is awaiting results from laboratory analysis of kimberlite from the company’s Cross Lake joint venture with Toronto-listed Pure Gold Resources and Ashton Mining of Canada in the Northwest Territories. Argentina Gold touched a new high of $5.38 before closing up $1.30 at $4.80. The company is actively acquiring new properties in Argentina and reports that sampling on its La Poposa claims identified several zones ranging from between 20 and 50 metres in width, with average values between 2 to 3 grams gold per tonne.

Planning is under way for an initial $250,000 exploration program on the Santa Lucia and Oro Del Norte concessions in Panama.

Arlo Resources, which is earning a 50% interest in the claims from Adrian Resources, gained 27 cents to close at $1.25. The junior is expected to become an aggressive exploration company active in Panama and other Latin American countries.

Adrian also did well, adding 65 cents to close at $4.65. The company holds interests in a number of properties in Panama including La Petaquilla, which hosts an estimated 1 billion tonnes grading 0.6% copper in two deposits. Continuing negotiations on the acquisition of an interest in a gold, silver and diamond project in British Columbia helped Golden Unicorn Mining add 20 cents to 46 cents.

The acquisition of a 100% interest in a 225-sq.-km concession in Mali helped International Tournigan gain 40 cents to $2.50.

The project contains alluvial, elluvial and lode gold mineralization, and Tournigan reports that it is also negotiating to acquire three gold projects in Ghana.

Gincho International Ventures recently arranged a private placement for $612,000 at 51 cents per unit to fund work on its alluvial diamond interests in the Central African Republic.

Gincho finished up 24 cents at 61 cents.

Alberta-listed Bre-X Minerals jumped 45 cents to $1.70 after releasing drilling results from its Busang prospect in Indonesia. The results include a 5-metre intersection grading 16.03 grams gold, a 26-metre intersection grading 12.9 grams gold and a 6-metre intersection grading 10.8 grams gold. Drilling on a second target is planned for the latter part of April. Argosy Mining reports it has identified a number of kimberlites and kimberlite targets on its property interests in Zimbabwe. The company can earn a 40% interest in nine properties covering 7.2 million acres. Argosy, which added 7 cents to close at 55 cents, plans to spend about US$1.4 million on the properties this year.

A recently completed private placement of 3.7 million units at 75 cents each gives Wildcat Trading additional funds to acquire semi-developed precious metal properties in the Asia Pacific region.

The issue added a nickel at $1.50 and is now 26%-owned by Toronto-listed Viceroy Resources and 26% owned by Australia-based Gwalia Consolidated. Four drill rigs are now at work on the Casino project owned by Pacific Sentinel Gold in the southwest Yukon.

The company expects to have two additional rigs on the porphyry copper-gold project in the near future with the objective of bringing the property to the detailed prefeasibility level this year.

Pacific Sentinel gained a nickel to close at $3.80.