CDNX follows major bourses up

Vancouver — Canada’s junior exchange broke out of its recent slide and posted modest gains during the 5-day report period ended March 5. The Standard & Poor’s/CDNX composite index gained 27.45 points, or 2.5%, to close at 1,133.10.

Madison Enterprises has been arranging a private placement financing worth $800,000. It has recently increased the placement by 700,000 units for an additional proceeds of $70,000, all of which will be used to finance exploration of Madison’s Mt. Kare gold property in Papua New Guinea. Plans call for prospecting, trenching and regional geochemical sampling to identify and refine drill targets. Madison ended the week up 3 to 13 on a volume of 4.3 million shares.

Pan Asia Mining remained flat at 7 on a heavy volume of 2.5 million shares. The cash-strapped junior has been attempting to advance the 701 diamond mine in China.

Dianor Resources added 2 to its value and closed at 25, with just over 2 million shares traded. The company got a slight boost on news of a diamond discovery on its mineral exploration permit 1404 property in the James Bay area. Two microdiamonds were recovered from two xenolithic lamprophyre dykes.

Samex Mining jumped 9 and closed at 26 on 2 million shares. The company closed a private placement financing of 2 million units consisting of one common share and one warrant, with each unit priced at 15.

The warrant, exercisable over two years, entitles the holder to buy an additional share at 20 during the first year or at 25 in the second. Proceeds are slated for exploration of the Eskapa and Wara Wara gold prospects in Bolivia.

Excellon Resources jumped 7 and closed at 28 on 1.9 million shares. The junior is negotiating a financing to fund an additional 6,000 metres of drilling at its Platosa-Saltillera massive sulphide property in the northeastern part of Durango state, Mexico.

Antoro Resources closed up 8 to 18 on 1.6 million shares. The company recently announced a $260,000 financing and inked a purchase option agreement with Les Mines J.A.G. and Les Placement SPEL on their jointly owned silica property in Ste-Clotilde, Que.

Augusta Resources found a penny and closed at 17 on 1.4 million shares. The company recently closed a $250,000 financing and has been exploring in the Coronation diamond area of Nunavut.

Olympus Pacific Minerals rocketed 43 and closed at $1.23 on 1.39 million shares. The junior has spent the past year exploring two high-grade gold shoots on the Phuoc Son property, 140 km southwest of Danang in Central Vietnam. The latest exploration results include the discovery of a skarn zone hosting high-grade gold values on surface.

Spider Resources lost a penny and closed the week at 6 on the exchange of 1.2 million shares. The company’s joint-venture partner, KWG Resources (on the Canadian unlisted board), recovered eight macrodiamonds from the Wawa property in northern Ontario.

Boulder Mining lost 3 and finished the week at 17 on a volume of 1.2 million shares. The company recently inked an option agreement for the VVS and VVT diamond properties, some 25 km southwest of the latest find by Toronto-listed Ashton Mining of Canada.