Junior exchange continues bearish trend (March 10, 2003)

Vancouver — Canada’s junior exchange followed the major bourses lower over the week ended March 4, despite some strong interest in buying select explorers. The S&P-TSX Venture Exchange composite index lost 2.66 points, or 0.2% of its value, to close at 1,100.60.

Snowfield Development jumped 15 and finished the week at 32 with 3.4 million shares traded. Snowfield recently inked a deal with New Shoshoni Ventures to earn a half-interest in the Fate Mineral diamond property in the Northwest Territories in return for $20,000 cash, 200,000 common shares and $100,000 in exploration, including 500 metres of diamond drilling this year. New Shoshoni closed the week down a penny at 50.

A rise in the gold price failed to help American Bonanza Gold Mining. The company, which is in the middle of underground exploration at the Copperstone project in Arizona, lost 2 and closed at 26 with 3.3 million shares traded.

Northern Empire Minerals closed at $1.36, down 10 on 2.2 million shares. The company and its joint-venture partner, Stornoway Ventures, are exploring for diamonds in the Melville Peninsula of Nunavut. Last month, 228 diamonds were recovered from a 186.05-kg sample at the Aviat project. The largest stone discovered measured 2.2 by 1.86 by 1.32 mm. As a result of this discovery, the partners tied up an additional 6,000 sq. km in the region. Stornoway lost 6 and closed at $1.40 with 1.4 million shares traded.

Foran Mining tumbled 11 and closed at 21 with 1.5 million shares crossing the floor. The company is taking a 6,000-ton exploration bulk sample of the North Star gold property, 35 km west of Snow Lake, Manitoba. The sample will be trucked to the New Britannia mill. Should it prove to be of economic grade, Foran will commence a drill program to outline tonnage potential.

Arctic Star Diamond lost 7 and closed at $1.18 on 1.5 million shares. The company holds interests in diamond properties in Northern Ontario, near De Beer’s Victor Kimberlite. In addition, it is exploring in Wawa, Ont., and northern Manitoba.

TNR Resources remained flat at 16 with 1.4 million shares crossing the floor. The junior has launched exploration at its Opikeigen Lake project, near Pickle Lake, Ont. A crew is conducting an extensive induced-polarization survey over the Fort Hope mine and previously discovered gold zones.

GGL Diamond tacked on 8 and finished the week at 39 on 1.3 million shares. The company recently raised $1 million in a private placement and is using the money to explore its Zip diamond claims, about 75 km west of the Ekati mine. In addition, GGL expects a legal decision to be made before the end of March on its disputed Doyle Lake and Easy 1-3 claims in the Northwest Territories.

Investors are anticipating drill results from Goldminco‘s Balabag Ridge project in the Philippines. Balabag Ridge represents a high-grade, gold and silver epithermal system, and was discovered in 1995. The junior lost a penny and closed at 13 on a volume of 1.3 million shares.

North Atlantic Nickel tacked on 9 and closed at $1.30 with 1.2 million shares traded. The junior is in the midst of a $3-million financing and recently inked a deal to acquire the Kantela gold property in the west part of Mali.

Canadian Royalties finished up 3 to $$1.86 with 1.1 million shares traded. The company tabled assay results from a massive sulphide discovery 25 km west of the Mesamax discovery in Nunavik, northern Quebec. The high-grade interval of drill hole TT-02-02 assayed 2% nickel, 1.91% copper, 0.11% cobalt, 0.6 gram platinum and 2.62 grams palladium per tonne over 22.03 metres. The new zone, dubbed Tootoo, is the third and westernmost new massive sulphide occurrence discovered by the company since commencing work in the region in 2001.