MINING MARKET & INVESTMENT NEWS — WESTERN MARKETS — VSE edges down; combined value ASE gains

The Vancouver Stock Exchange composite index edged down 1.34 points, or 0.3%, to finish the Sept. 9-15 period at 407.05. The mining index lost 4.67 points, or 1.6%, to close at 281.85.

The combined value of the Alberta Stock Exchange bucked the trend, however, gaining 12.37 points, or 0.7%, to finish at 1,748.86.

Grayd Resources announced that it has entered into the Rumble Creek joint venture with American Copper & Nickel, (ACNC), a wholly owned subsidiary of

Inco United States. The Rumble Creek joint venture property is contiguous to the Grayd/ACNC Delta joint venture in Alaska and is highly prospective for both volcanogenic massive sulphide and gold deposits. Grayd’s issue rose a dime to close at 50 cents.

Rupert Resources gained 7 cents to close at 82 cents in response to encouraging drill results from the Durham-McEwen gold property in Ontario’s Red Lake camp. ITL Capital and Cypress Minerals can each earn a half-interest in the property from Rupert, and both ITL and Cypress gained a penny to close at 17 cents and 13 cents, respectively.

Sand River Resources rose 5 cents to end the week at 44 cents — a reflection of the market’s excitement over the company’s deal to acquire a 51% interest in the currently producing Arroyo Azules copper mine in Mexico.

Balaclava Mines added 4 cents to close at $1.12. The company is drilling its gold target at the Corazon project in Ecuador, and the market is anticipating assay results.

Alberta-listed Gallery Resources lost 4 cents and closed at 41 cents. The junior is drill-testing a blind sulphide target at its Okak Bay property in Labrador. Gallery reports that hole OK-M2 intersected 517 ft. of disseminated sulphide mineralization. Assay results are expected by the end of the month.

Oliver Gold rose 1 cents and closed at 13 cents. The planned merger of Oliver Gold and Toronto-listed Trillion Resources hoisted Oliver on to the Vancouver Stock Exchange’s most active list.

Argentina Gold also saw some trading action on the VSE, though it closed the week where it started, at 50 cents. The company is preparing its 1998-1999 exploration season at the Veladero project in Argentina.