CDNX flatlines amid economic uncertainty

Vancouver — Canada’s junior exchange stalled over the week ended Nov. 27. The Canadian Venture Exchange composite index lost 0.03 of a point and closed at 3064.62. The mining index lost 20.22 points, or 0.2%, and closed at 7,846.07.

Andean American Mining lost 4 and closed the week at 44. The junior plans to expand its Santa Rosa pilot plant in southern Peru. By early next year, the company envisions a 3,250-tonne-per-day gold operation on the property.

Energold Mining ended the week up 4 to 14. Fellow junior Impact Minerals International has agreed to proceed to the second phase of its joint-venture agreement over 274 sq. km. of Energold ground in the Dominican Republic. Impact remained flat at 6.

Vital Pacific Resources remained flat at 2. The company has proposed changing its name to First Majestic Resource and consolidating its shares on a 10-to-1 basis; if the deal is approved, Vital Pacific would have just over 3 million shares outstanding.

New Blue Ribbon Resources closed down 2 to 6. The junior recently inked two deals to earn an additional 20% interest in the Montello Legend diamond property in Alberta. The company now has the right to earn an 80% stake in the property.

The latest batch of drill results from the Gold Mountain zone near Nelson, B.C., failed to boost shares of Sultan Minerals. Despite cutting another high-grade intercept grading 240 grams gold over 1.2 metres, most of the holes returned low grades. The junior ended the week down at 30.

Poplar Resources closed at 14 with no net gain over the week. A test section of drill core from the Bottenbacken polymetallic project in Sweden returned 0.96% copper plus 1.42 grams palladium and 0.86 gram gold per tonne.

IBI tacked on 2 and closed at 6. The company’s wholly owned subsidiary, Canmin Resources, is producing vermiculite at a mine in Uganda, close to the Kenyan border.

Frank Callaghan-led International Wayside Gold Mines tacked on 2 to close at 14. The junior continues to drill around its Bonanza Ledge gold discovery near Wells, B.C.

Hawkeye Gold International lost a penny and closed at 13. The company holds a 33.3% interest in the Yankee diamond property and has the right to earn up to 50% from its joint-venture partner, Major General Resources. The Yankee property totals 360 sq. km. and is part of the Homerun project on Victoria Island in Nunavut. Major General remained steady at 10.

Eurasia Gold added 1 to close at 2. The company operates two small gold mines in Kazakstan, Central Mukur and Myaly.

JNR Resources ended the week at 3 down 1. The company recently announced Kennecott Canada Exploration would proceed with uranium exploration at JNR’s Moore Lake project in northern Saskatchewan.

Leader Mining International lost 20 and closed at $2.55. Two diamond drill rigs are turning on its Cogburn nickel property near Hope, B.C.

Shares in Barramundi Gold came to life, gaining 2 to finish the week at 3. The cash-strapped junior has been trying to advance the Rescue project in central Idaho.