MINING MARKETS AND INVESTMENT NEWS – Western Markets — Anooraq rises on Mexican acquisition

The Vancouver Stock Exchange composite index edged down 1.23 points to close at 636.08, or 0.2%, over the holiday-shortened report period ended April 14. The mining index also nudged down 1.94 points, or 0.4%, to close at 510.09. The combined value of the Alberta Stock Exchange dropped 5.88 points, or a quarter of a percent, to close at 2,268.28.

Anooraq Resources jumped 20cents to close at 95cents. The company acquired the La Dicha copper-zinc-silver property in Guerrero state, Mexico. Anooraq can earn a 100% interest in the 738-ha property by making staged cash and share payments to a Mexican vendor totalling US$530,000 and 350,000 shares over a 4-year period.

International Taurus Resources slipped 10cents to close at 50cents. The company signed an agreement with Cyprus Metals Exploration, a wholly owned subsidiary of U.S.-based major Cyprus Amax Minerals, to acquire a 100% interest in the Lyon copper-gold-magnetite project, situated 75 miles southeast of Reno, Nev. According to the agreement, Taurus will earn the interest through cash and stock payments of US$3.25 million and work expenditures of US$4 million over the next three years. Cyprus retains a 51% back-in right.

Almaden Resources began a 2,500-metre reverse-circulation drilling project on its wholly owned Caballo Blanco property near Veracruz, Mexico. The company has planned to put down 14 holes to test a large porphyry copper-gold-target with coincident induced polarization and magnetic geophysical anomalies as well as surface copper- and gold-in-soil anomalies.

Almaden’s issue rose 12cents to close at $1.57.

Canabrava Diamond and Paramount Ventures and Finance have formed a joint venture to explore a newly discovered kimberlite to the east of Canabrava’s Whitefish lake project in northern Ontario. Paramount has agreed to finance the initial $800,000 in exploration costs to earn a 50% interest. After the earn-in phase, both companies will contribute exploration expenses equally.

A program of regional geochemical sampling, airborne geophysical surveys and follow-up drilling has been planned. Canabrava shares dropped 11cents to close at $1.64. Paramount shares gained 6cents to close at 61cents.

Peruvian Gold saw its shares drop 5cents to close at 66cents. The company is trying to gain control of Gabriel Resources’ Rosia Montana project in Romania, which has an inferred resource of 48 million tonnes grading 1.7 grams gold per tonne, by way of a merger with Gabriel. Gabriel last traded at 80cents.

Alberta-listed Rhonda Mining gained 12cents to close at 63cents. The company is preparing for a new exploration program on its 100% owned Harley copper-silver prospect in the Northwest Territories starting in June.

Drilling in 1997 hit near-surface mineralization grading 2.4% copper and 99.1 grams silver over a 4.1-metre interval.

Champion Resources lost 2cents to close at 43cents. Drilling has commenced at its wholly owned Farim phosphate project in Guinea-Bissau, West Africa.