CDNX bolstered by rate slash

Vancouver — Canada’s junior exchange rallied in light of another cut in U.S. interest rates. The resource indices led the way as the Canadian Venture Exchange composite index tacked on 31.44 points, or 1.07%, to finish the week ended Nov. 6 at 2,956.90. The mining index rocketed 122.68 points, or 1.64%, to 7,579.18.

Starfield Resources lost a penny to close at 54. The junior intercepted more high-grade platinum-palladium mineralization, this time in the footwall at its West zone, on the Ferguson Lake project in Nunavut.

The latest results from the Gold Mountain zone on the Kena property, near Nelson, B.C., pushed shares of Sultan Minerals lower. The junior fell 18 to end the week at 31. Three new holes showed broad low-grade gold mineralization associated with a porphyry.

Leader Mining International, which has been tying up ground near Hope, B.C., jumped 51 to $1.98. The Harrison Lake property covers an ultramafic belt that extends more than 60 km northwest from the historic B.C. Nickel mine, which produced 4.2 million tonnes grading 1.19% nickel and 0.46% copper.

Rhonda Mining closed at 40, up a nickel, as investors gave the thumbs-up to favourable diamond counts from properties shared by Ashton Mining of Canada and Tahera in Nunavut. Rhonda holds the nearby Knife diamond property, which is being worked by De Beers Consolidated Mines. De Beers can earn a 70% stake by spending $10 million on the property and carrying Rhonda to production.

Oliver Gold dropped a penny to end the week at 20. Stock in the Lawrence Nagy-led junior has been actively traded since announcing a proposed 9.3-for-1 rollback and a merger with privately held Hastings Resources. The annual meeting is set for Dec. 21.

Masuparia Gold lost 2 to close at 8. The junior just completed a 1,000-metre drill program over the Greywacke property, just north of La Ronge, Sask. The latest results included 11.3 grams gold per tonne over 5.7 metres in hole 45. An additional 2,500 metres of drilling are planned.

Canabrava Diamond lost 2 and closed at 16. Later this month, the junior will kick off a diamond drill program on the Ground Hog diamond property in Ontario. Partner Paramount Ventures & Finance has elected not to participate, and Canabrava intends to finance the entire $400,000 program. As a result, Paramount’s half-stake will be diluted by about 10%. Paramount remained flat at 8.

Please note: We are developing a new computer program to compile our stock tables. Regrettably, this week’s tables only show trading for Nov. 6, 2001. The values in the “Change” column are the change from the close on Nov. 5, 2001. Also, some stocks are temporarily missing from the bid/ask tables.

We hope to have the problem remedied soon and apologize for any inconveniences.