Exchange follows major bourses upward

Vancouver — Canada’s junior exchange continued its slow but steady climb into bull territory during the report period ended May 27. The S&P-TSX Venture Exchange composite index added 5.4 points, or 0.5% of its value, to close at 1,084.36.

Shares in Kensington Resources soared to $1.50, a new high for the year, before settling back to $1.10, up 37, on a volume of 3.7 million shares. The junior reports that joint-venture partner De Beers recovered a 10.23-carat diamond from the 140-141 kimberlite on the Fort la Corne property in Saskatchewan. The diamond is a dodecahedral aggregate stone with two dimensions measuring 14 by 15 mm. The value of the stone remains undetermined, as is the potential impact on grade forecasts and average values for the kimberlite. Kensington holds a 42.25% stake in the property.

Hathor Exploration lost 4 and closed at 36 with 2.4 million shares traded. The junior reported it has agreed to sell its entire interest in the North Gilford Sawtooth and Atlantis oil and gas projects in Hill Cty., Mont. The company will instead focus on its gold-silver prospects in the Eskay Creek area of British Columbia.

American Bonanza Gold Mining remained steady at 28 with 2.8 million shares changing hands. The junior recently began exploring the Gold Bar property in the Nevada’s Battle Mountain-Eureka mineral trend. The junior is also exploring underground, at its Copperstone gold property in Arizona.

Riding on the coattails of Kensington’s discovery, Saskatchewan-based diamond explorer Shore Gold added 13 to its value and closed at 90 with 2.1 million shares traded. The company is completing a bulk- sampling program on its Star kimberlite property, near Prince Albert, Sask.

Goldcliff Resources tacked on 4 and closed at 17 with 1.7 million shares traded. The company has settled its outstanding debt in a shares-for-debt transaction worth $83,945.65. In addition, the junior arranged a non-brokered private placement of up to 1 million units. These consist of 400,000 flow-through units for proceeds of $42,000 plus 600,000 non-flow-through units for proceeds of $63,000. The money will be used to explore the Panorama Ridge gold property in south-eastern British Columbia.

Wolfden Resources closed at $1.75, down 5 on a volume of 1.4 million shares. The junior, along with its joint-venture partner, Toronto-listed Bema Gold, recently expanded gold mineralization in the Twin Lakes and Twin Lakes West gold zones at Monument Bay in Manitoba. Previous drilling there identified a high-grade resource of 300,000 oz. gold with an average grade of 18.5 grams gold per tonne.

Mandalay Resources tacked on 12 and finished the week at 29 with just under 1.4 million shares traded. The company has completed drilling 14 reverse-circulation drill holes at the La Quebrada copper-silver-gold target in north-central Chile. Assays are pending.

Gulf International Minerals lost 3 and closed at 37 on 1.3 million shares. The company recently began gold production through its Kansai mill in Tajikistan. Gulf’s first gold shipment of 50 kilos (1,600 oz. gold) resulted in the company’s receiving US$586,340 in gold-sales revenue. This initial production, generating early cash flow, derived from the processing of low-grade ore from the Kansai tailings dump, created during Soviet times.