Dia Met rebounds to $6.88 as VSE index falls 3.11 points

Western markets continued to slide over the period ended Apr. 21, with the Easter long weekend dampening an already lacklustre mood for resource issues.

The Vancouver Stock Exchange composite index slipped 3.11 points to 631.22 while the resource index took a 16.7-point hit, closing at 525.38. The Alberta Stock Exchange’s composite index provided little excitement, finishing virtually unchanged at the 837-level.

Dia Met Minerals (VSE) staged a healthy rebound following last week’s drubbing, closing up $1.63 at $6.88. The company is completing bulk sample testing of kimberlite from its Point Lake diamond joint venture with BHP-Utah Mines in the Northwest Territories.

Word of a pending exploration agreement with a major mining company gave Pacific Rim Mining (VSE) a boost. The issue finished up 22 cents to 70 cents. The company expects to sign a deal on its Jan claims in the Mt. Milligan area of north-central British Columbia.

Following a 9 cents jump in its share price to 23 cents, Springer Resources (VSE) announced that their are no material changes in the affairs of the company.

Vera Cruz Minerals (VSE) announced a 700-ft. mineralized intersection from its Vera Cruz project in New Mexico with joint venture partner FMC Gold. The 700-ft. “mineralized interval” included 16 intersections grading over 0.02 oz. gold per ton, ranging from 5 to 35 ft. in width and 0.02 to 0.90 oz. gold in grade. The issue was hammered following the release, finishing at 70 cents, down 60 cents.

Silver Glance Resources (VSE) managed to gain 88 cents to close at $10 as investors anticipated results from drilling on its fluorite-silver project in Arizona. The company also completed a sampling program along strike to the north, indicating the deposit is open to expansion.

Poor market conditions prompted Loki Gold (VSE) to indefinitely suspend its investor relations agreement with Erickson Consulting as well as its fiscal agency agreement with L.O.M. Western Securities. The issue finished the week at the 65 cents.

Profit taking shaved some value off Taseko Mines (VSE), with the issue finishing down a dollar at $13.38.

Goldbelt Resources (VSE) added an air of respectability to their 50%-owned tailings project in Kazakhstan with the appointment of N.M. Rothschild and Sons as financial advisers. Rothschild has agreed to help the company secure the US$40 million in capital for the project. The issue edged down 1 cents to close 90 cents.

Stow Resources (VSE) recently signed an exploration agreement on its LaMare property with Minnova giving that company the right to earn a 60% interest in the property. The LaMare claims are located about 20 miles west of BHP-Utah’s Island Copper mine. Stow finished the week at the 50-cent level.