CDNX continues bull run (May 14, 2001)

Vancouver — Canada’s junior exchange continued its bull run duiring the report period ended May 8, with the mining index leading the pack. The Canadian Venture Exchange composite index tacked on 69.63 points, or 2.3% to finish the week at 3,148.31. The mining index jumped 119.20 points, or 1.9%, to close at 6,500.24.

New Blue Ribbon Resources was the week’s market darling, adding 14 to its value and closing at 34 with a whopping 13.7 million shares traded. Stock in the junior has doubled in the past two weeks on word that the first two holes drilled on the Moose diamond project in Manitoba cut sulphide mineralization.

Montello Resources continued to trade heavily on news that the company can earn a 66.6% interest in certain gas leases in eastern Tennessee. Shares in the company rose by a penny to 12 on a volume of 1.5 million shares. The junior also holds a stake in the Legend property in Alberta, where recent tests on the Kendu pipe failed to show any diamonds.

Cantex Mine Development lost a penny and closed at 13 with 1.1 million shares changing hands. The company is exploring gossan horizons on its Wadi Qutabah nickel-copper-platinum project in Yemen. The Chuck Fipke-led company is also sampling its Sadah platinum-nickel-gold project, 150 km to the north. A heavy mineral sample from the area yielded 1.2 grams platinum. In addition, anomalous tantalum values were identified 7 km southwest of the company’s Suwar nickel-copper-cobalt deposit. Follow-up work is ongoing.

Transpacific Resources lost a penny and closed at 1 with 1.1 million shares traded. The company is exploring for diamonds on its 4,000-acre property near Kirkland Lake, Ont.

Pacific Amber Resources got a modest boost after announcing that, in view of the difficult conditions of the mineral exploration sector, the company has been reviewing opportunities in the oil & gas sector. Shares in the junior tacked on 3 and closed at 20 on volume of 899,000 shares.

Tyler Resources lost 3 and closed the week at 20 with 786,000 shares traded. The Calgary-based company recently tabled encouraging sampling results from its Bahuerachi copper-gold-silver-zinc property in Mexico. The winter exploration program, which consisted of mapping, trenching and sampling, helped extend the area of known mineralization.

Pan Asia Mining lost 1 to close at 6 with 657,000 shares changing hands. The company is upgrading the 701 diamond mine in China.

Pacific North West Capital continued to post encouraging assay results from its River Valley property in Ontario. Ten of the 33 holes completed to date outline low-grade, potentially bulk-minable mineralization in narrow, high-grade zones. The Harry Barr-led junior tacked on 7 to close at $1.01 on a volume of 490,200 shares.

Brasilca Mining lost 2 and closed the week at 18 with 390,000 shares traded. The junior announced that an airborne geophysical survey has been completed over its Tucuma property. The survey was commissioned by partners Teck and Inco. Teck, the operator, plans an aggressive exploration campaign on the copper-gold property, with drilling planned before year-end.

Rockwell Ventures touched a new 52-week low of 30, down 15 on the exchange of 280,000 shares. The Hunter Dickinson-led junior has lost half its value since analysts returned from a tour of the Pedra Branca platinum-palladium project in Brazil.