MINING MARKET & INVESTMENT NEWS — WESTERN MARKETS — Polymet, AG among gainers on buoyant VSE

The Vancouver Stock Exchange composite index rose 3.36 points, or 0.8%, to finish the week ended April 13 at 429.85. The mining index lost 3.55 points, or 1.16%, and closed at 302.74.

Meanwhile, the combined value of the Alberta Stock Exchange tacked on 54.57 points, or 2.68%, to close the week at 2,091.67.

Polymet Mining aroused interest by announcing it was anticipating the results of pressure oxidation tests. The tests are being performed on concentrate from the low-grade NorthMet polymetallic deposit in Minnesota. Meanwhile, the company closed a private placement, with proceeds of $1.5 million earmarked for continued development of the NorthMet project. PolyMet jumped 35 cents to close at $1.69.

Argentina Gold closed at $7, up 20 cents from the previous week. The company released high-grade assays from its Filo Federico target on the Veladero property in northwestern Argentina. Hole 142 cut 190 metres averaging 4.76 grams gold and 30.1 grams silver, including a 65-metre section that assayed 12.2 grams gold and 59.1 grams silver. Exploration continues with three reverse-circulation (RC) and three diamond drill rigs.

Aquest Minerals rose 11 cents and closed at 51 cents. The company released a compilation of sample results from the Anabella mine in western Guatemala. Chip sampling at the portal revealed values ranging up to 12.55 grams gold per tonne, while samples taken from crosscuts and drifts indicated widespread ore-grade gold values, including some as high as 24 grams per tonne. The mine was initially developed as an antimony producer, and assaying for gold was not performed on a comprehensive basis. Aquest plans to evaluate the mine’s potential by means of drilling.

Auspex Minerals and partner International Vestor Resources tabled impressive results from their Aljustrel project in Portugal. Hole 28 cut 32 metres averaging 9.29% zinc, 3.53% lead and 0.18% copper, plus 1.09 grams gold and 130.75 grams silver per tonne Shareholders of both companies voted overwhelmingly in favour of merging the two companies into a new entity, to be called EuroZinc.

Auspex jumped 8 cents and closed at 45 cents, while Vestor tacked on 4 cents to finished the week at 54 cents.

El Misti Gold released an in-house resource estimate for the open-pit area of the Santa Rosa project in southeastern Peru. The inferred estimate was prepared by the company’s chief geologist. The resource was based on 143 RC holes and weighs in at 2.2 million tonnes averaging 2.87 grams gold and 46.69 grams silver. El Misti closed at 15 cents, up 4 cents.

Orko Gold and partner TNR Resources are launching a 1,000-to-1,500-metre drill program on the Ortiga property in Argentina. The program is designed to test six targets in brecciated and silicified zones. Orko Gold closed at 95 cents, down a nickel from the previous week, whereas TNR closed at 22 cents, up a penny.