MINING MARKETS & INVESTMENT NEWS — WESTERN MARKETS — Weak metal prices flatten western markets — Cons. Silver Tusk among few bright spots as malaise grips VSE

The Vancouver Stock Exchange composite index lost 8.09 points, or 1.8%, over the report period ended June 8, to close the week at 444.62. The mining index followed suit, losing 4.07 points, or 1.3%, to finish at 307.57.

Meanwhile, the combined value of the Alberta Stock Exchange tacked on 7.57 points, or 0.3%, to close at 2458.17.

Consolidated Silver Tusk Mines rocketed 38 cents to close at 90 cents. The company believes that with the onset of political stability in Indonesia, it can safely proceed with its exploration and development plans for the Karya Bukit epithermal gold-silver project, near the southern end of Sumatra.

KRL Resources lost 20 cents to close at 24 cents. The company received preliminary results from a second diamond drill hole from its wholly owned Copper Hill property, 85 km south of Timmins, Ont. The hole reportedly intersected one pyrite-rich sulphide lens spanning a true width of 17.6 metres. KRL’s first hole intersected three separate zones of massive-to-semi-massive-pyrite bodies. The company believes the first and second sulphide bodies were dyked out. Assays are pending.

Global Explorations jumped 27 cents to close at 77 cents on news that it has signed a joint-venture agreement for a 49% stake in two alluvial diamond concessions in the Democratic Republic of the Congo. The company dished out US$530,000 to gain a foothold in the two properties.

Samex Mining plummeted 32 cents to close at 23 cents. Initial assays from the company’s Eskapa prospect in southwestern Bolivia were disappointing. The diamond drill program will continue to test the central part of the target zone.

Serengeti Minerals doubled its value and closed at 14 cents. The company announced it is contemplating a major internet-based e-commerce acquisition. Serengeti stresses, however, that it will remain in the mineral business.

Alberta-listed Starfield Resources lost 35 cents to close at $1.30. The market is skittishly anticipating assay results for the first five holes drilled on the company’s Furguson Lake nickel/copper/platinum-group-metal prospect in the Northwest Territories.

Winspear Resources remained steady at $4.85 on high volumes of trading. The market is anticipating results from a 6,000-tonne bulk sample from Winspear’s Snap Lake diamond property in the Northwest Territories.

Foran Mining closed up a dime at 78 cents. The company released more encouraging assay results from its McIlvenna Bay deposit in northern Saskatchewan. Foran will continue to test the Upper West area of the polymetallic deposit and plans to sink another nine holes to define the area further.

Alberta-listed Tan Range Exploration lost 8 cents to close at 40 cents. At last report, the company was inking a deal with Toronto-listed Barrick Gold for a $3-million private placement. In return, Barrick can earn a 51% interest in Tan Range’s Itetemia property in Tanzania. Tan Range will use 80% of the proceeds to fund exploration on the property.

Maracote International Resources closed at 40 cents, up 7 cents. The company has initiated another round of drilling at its Halley property in Peru.