MINING MARKETS & INVESTMENT NEWS — U.S. MARKETS — Summer doldrums dog western markets

The Vancouver Stock Exchange composite index lost 5.87 points, or 1.37%, closing the week ended July 20 at 423.74. The mining index lost 8.55 points to close at 279.43.

The combined value of the Alberta Stock Exchange tacked on 37.49 points, or 1.46%, to finish the week at 2,599.98.

Winspear Resources tumbled 44 cents and closed at $3.67. The company released more diamond results from the NW dyke on its Camsell Lake property in the Northwest Territories. A total of 5,165.81 carats, valued at US$111.98 per carat, were recovered from 2,981 tonnes of kimberlite. Winspear holds a 67.8% interest in the property. Toronto-listed Aber Resources holds the balance.

Archangel Diamond rocketed 24 cents to 99 cents on news it signed an agreement with a Russian partner to resolve its dispute over the transfer of the Verkhotina diamond licence.

Maracote International Resources closed at 26 cents, a loss of 14 cents. Initial assay results from ongoing drilling at the Halley gold property in south-central Peru were lower than anticipated. The best interval cut 2.5 metres averaging 9.66 grams gold per tonne.

Excellon Resources tacked on 7 cents and closed at 60 cents. Partner Apex Silver Mines completed 21 drill holes on the Platosa property in Mexico. Assays are pending. Apex stands to earn a 65% interest in the property.

Alberta-listed Gallery Resources closed at 32 cents, up 3 cents. The company is starting a drill program on its Okak Bay property in northern Labrador. A series of holes will test a geophysical anomaly along its 600-metre strike length.

Foran Mining released more drill results from its McIlvenna Bay deposit in northern Saskatchewan. Hole 109 cut 5.07 metres averaging 1.79% copper, 8.44% zinc, 2.35% lead, 2.34 grams gold and 69.7 grams silver. The company’s issue lost 9 cents to close at $1.35.

Aquest Minerals lost a nickel at 30 cents. The company released drill results from its Anabella project in the western highlands of Guatemala. Reverse circulation drilling intersected numerous intervals of gold mineralization with an average of 2.12 grams gold over 48 metres.

Hyperion Resources arranged two financing deals to add $600,000 to its treasury. The proceeds will spent at the Holguin massive sulphide property in Cuba. Hyperion lost 4 cents at 14 cents.

EuroZinc Mining completed delineation drilling at the Feitais deposit in Aljustrel, Portugal. Drilling will now attempt to expand the reserve. EuroZinc closed at 79 cents, down 8 cents.