CDNX recovers lost ground

Canada’s junior exchange continued to recover lost ground as all indexes posted gains. The Canadian Venture Exchange tacked on 181.67 points, or 5.6%, over the week ended June 6, to close at 3,410.59. The mining index followed suit gaining 145.6 points, or 3.7%, to close at 4,050.63.

Gabriel Resources jumped 20 and closed the week at $2.85. The company has kicked off its 2000 exploration drilling program at its Rosia Montana gold deposit in Romania. The 25,000-metre program is designed to upgrade and expand on the existing 8-million-ounce resource base.

Kalahari Resources vaulted 9 and closed at 25 with 800,000 shares changing hands over the week. The junior announced that it is seeking a $600,000 financing. The funds will be used to acquire and drill a new project, the Villebon project in Val d’Or, Quebec; drill the Milligan gold claims in New Mexico; and acquire the San Juan-Sheep porphyry-copper prospect, also in New Mexico.

East West Resources climbed 6 to close at 40 with 1.7 million shares crossing the counter. The company announced that it has acquired 22 additional claims, contiguous to their 304-claim Havoc platinum-palladium property in northern Ontario, from a local prospector for $5,000 in cash and 40,000 shares. The junior has been trading near a 52-week high since news that its first hole on the Wolf Mountain property, north of Sudbury, cut 306 metres of disseminated copper mineralization.

Pacific North West Capital tacked on 9 and closed at $1.49. The company has completed a regional induced-polarization survey which covered the margin of the River Valley Intrusion. The company is now doing detailed prospecting, stripping and sampling over the chargeability anomalies. In the Dana Lake area, a phase 2 drill program will commence by June 15th. Holes will be drilled to test for continuity of mineralization indicated by earlier surface stripping, sampling and geophysics.

Darnley Bay Resources, closed at $2, up 4. The junior is currently drill-testing deep-seated coincidental gravity and aeromagnetic geophysical anomalies over the Thrasher zone on the company’s property near Paulatuk, N.W.T. Hole 1 is at a depth of 1.37 km and has not yet hit the elusive plutonic source rock predicted by the company.

Pan Asia Mining continued to trade heavily, finding a penny and closing at 15 on 1.4 million shares. The junior recently announced that phase 1 development of the 701 Changma diamond mine in China is progressing well. At May 31, the mine had produced 8,113 carats of diamonds from 8,587 tonnes of ore. The company expects production to hit 40,000-to-50,000 carats this year.

JNR Resources closed at 26, up 3. The company plans to start a 3,000 metre, 8-to-10 hole diamond drill program the Moore Lake project. The program will begin immediately and will follow up the unconformity-type, uranium mineralization that was intersected last month in drill hole ML-03. The down-hole radiometrics for ML-03 have been processed and indicate a grade equivalent of 0.442% U3O8 over 9.20 m from the interval 262.15 metres to 271.15 metres. The unconformity occurs at 269 metres.