Vancouver — Canada’s junior exchange continued to move into positive territory as juniors and majors alike schmoozed at this year’s PDAC convention in Toronto. The Standard & Poor’s-CDNX composite index tacked on 24.45 points, or 2.16%, during the week ended March 12, and closed at 1157.55.
The merger between Francisco Gold and Toronto-listed Glamis Gold continued to boost the share price of the former. The company added $3.85 to its value and closed the week at $12.35 on a volume of 2.4 million shares. Stock in the junior soared on news that Glamis Gold has offered to take over the company in an all-share deal valued at $205 million.
Spider Resources jumped 4 and closed at 10 on 2.1 million shares. The junior recently announced the recovery of eight macrodiamonds from a second mini-bulk sample collected from its Wawa property in northern Ontario.
Antoro Resources closed up a nickel to 23 on a volume of 2 million shares. The Montreal-based junior recently announced two private placements: the first is worth $110,000 and will be used for working capital and to pay certain debts; the second, for $150,0000, will be used to finance the company’s 2002 exploration activities. The company holds ground in the Chibougamau and Matagami regions of Quebec and recently optioned a silica property in Ste-Clotilde, Que.
Shares in Kensington Resources continued to move higher. Diamond recovery results from 10 large-diameter boreholes at the Fort la Corne diamond project in Saskatchewan are expected to be in hand sometime in the first quarter. Kensington ended the week at $1.21, up 26, after 1.9 million shares crossed the floor.
Pan Asia Mining closed down a penny to 6 on 1.8 million shares. The company is seeking a minimum $500,000 financing to advance its diamond projects in China.
War Eagle Mining closed up 4 to 17 on 1.5 million shares. The company is in the midst of financing for the direct shipment of zinc-germanium ore from the Tres Marias mine in Mexico’s Chihuahua state.
Freewest Resources lost 2 and closed at 32 on 1.4 million shares. The company released results from the first 10 holes of its drill program at the Murphy zone on the Clarence Stream gold project in New Brunswick. The best hole cut 9 metres grading 7.33 grams gold per tonne.
Holmer Gold Mines closed at 25 down 1 on 1.39 million shares. The company recently inked a deal with TCC Ventures to provide a debt financing of US$6 million. Proceeds from the financing will be used mainly for the development of the Loma Hierro Silver Mine in Cuba and Timmins gold mine in Ontario. The loan is based on an 8% interest rate and a one-time closing fee of 6% plus 1 million share purchase warrants. Holmer Gold expects to repay the loan within five years.
Eurozinc Mining closed up a penny to 13 on 1.2 million shares. The company has been trying to advance the past-producing Aljustrel zinc project in Portugal.
Agusta Resources tacked on 3 and closed at 20 with an even 1 million shares traded. The company has optioned a 60% interest in its 138,000-acre BH property in Nunavut to Ashton Mining of Canada in return for $1.1 million in exploration by 2006.
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