CDNX posts gain over end-of-year period

The Canadian Venture Exchange started off the new year unaffected by widespread selling that dampened the holiday spirits of the major markets. As a result, the CDNX index gained 118.94 points over the holiday-shortened report period ended Jan. 4 to close up 5.3% at 2,345.03.

Diamond explorer Winspear Resources announced that all share purchase warrants that were due to expire Dec. 31, 1999, had been exercised, netting $12.8 million. The company now has 51.4 million shares outstanding or 60 million fully diluted. Winspear finished up 18 at $2.42.

Inca Pacific Resources traded as high as 90 before falling back to 63, for a loss of 8. The company released the results for the final five holes of an 8-hole program completed by Anaconda Chile on the Magistral copper skarn prospect in Peru. The results were generally not as high as those from holes 1 to 3, though they did include 208 metres averaging 0.87% copper, 0.125% molybdenum and 2.79 grams silver, within which was a higher-grade 36 metres of 1.69% copper, 0.052% moly and 8.78 grams silver. Anaconda, which can earn up to a 65% interest in Magistral, will proceed with follow-up drilling in 2000.

Charles Fipke’s Cantex Mine Development continues to tantalize investors with visuals. To date, 13 holes have been completed the Al Hariqah gold prospect in Yemen, though assay results have yet to be reported. Meanwhile, two holes have tested the Suwar copper-nickel-cobalt target. Results are expected this month. Cantex slipped 3 to end the period at 59.

Birch Mountain Resources added $1.18 to finish at $2.65. The Calgary-based company continues to advance its Prairie Gold properties in the Athabasca area of northeastern Alberta. The company is attempting to develop replicable methods for analyzing precious, platinum group and base metals in sedimentary rocks.

Champion Bear Resources can’t explain why its shares rose 72 to $1.10. The company is focused exclusively on exploring for platinum group, gold and base metals in Ontario.

Borneo Gold has changed its name to Nexttrip.com Travel to reflect the company’s new corporate focus on internet travel sales. The issue closed at 31, up 11.

Mansfield Minerals tacked on 27 to close at $1.22. In December, the company finally secured title to the long-disputed Cerro Samenta copper porphyry prospect in Argentina. Teck can earn a half-interest in the project.

Rock Resources was up 6 at 35, as it prepared to begin drilling the Coiron copper-gold prospect in Chile.

Tan Range Exploration closed at 45 for a 3 gain. Drilling is scheduled to begin on the Itetemia gold property in Tanzania in mid-January. Barrick financed the program by subscribing to a $1-million private placement at 70 per share.