MINING MARKETS & INVESTMENT NEWS — WESTERN MARKETS — Bullish traders await results from Winspear

The Vancouver Stock Exchange composite index lost 9.41 points, or 2%, to finished the holiday-shortened report period ended May 25 at 457.64. The mining index dipped 4.54 points, or 1.4%, to close at 313.52.

Meanwhile the combined value of the Alberta Stock Exchange tacked on 20.56 points, or 0.85%, to close at 2,434.20.

Winspear Resources sprung into action, gaining 33 cents to close at $3.93. The drilling season has ended, and the market is anticipating initial bulk-sample assays from its Snap Lake diamond project in the Northwest Territories.

Alberta-listed Starfield Resources continued its upward climb, ending the week at $1.23, up 15 cents. A geophysical program is under way at the company’s Ferguson Lake property in Canada’s Nunavut Territory. A drill program, designed to test geophysical conductors, is also on the go.

Britannia Gold says it knows of no material events to justify the recent increase in its stock price. Britannia saw its shares jump 4 cents to close at 6 cents.

Orcana Resources meanwhile doubled its share price and closed at 18 cents.

Global Explorations jumped 14 cents to close at 43 cents. The company announced a private placement of up to 3 million shares priced of 25 cents each. Proceeds will be used to mine alluvial diamonds and other gem stones in Sierra Leone, Africa. Global Explorations is also looking to establish a web site designed to promote the trading of gemstones.

Maracote International Resources closed at 41 cents, up 5 cents. Market anticipation is focused on the second round of diamond drilling on the Halley gold-silver project in south-central Peru.

International CanAlaska closed at 29 cents, up 4 cents. An advisory board has been appointed to assist management in the identification and due diligence with respect to information technology companies that warrant investment.

Borneo Gold is also in the process of evaluating opportunities in the internet sector. Management believes that this sector will provide the most attractive returns for the company and its shareholders in the foreseeable future. Borneo tacked on 2 cents to close at 19 cents.

Alberta-listed Montello Resources lost a couple of cents and closed at 24 cents. The company, which has projects in Alberta and Manitoba, plans to remain in the diamond exploration business. However, it has also formed a joint venture with AVL Information Systems to develop an on-line vehicle-tracking system.

Aquest Minerals found a penny and closed at 64 cents. The junior, having completed its initial due diligence, is gearing up to start a 5,000-metre drill program on the Anabella project in western Guatemala.