MINING MARKETS & INVESTMENT NEWS — WESTERN MARKETS — Archangel takes flight in sluggish market

The Vancouver Stock Exchange composite index dropped 10.65 points, or 2.4%, to finish the week ended July 13 at 429.61. The mining index followed suit, losing 8.96 points, or 3%, to close at 287.98.

Meanwhile, the combined value of the Alberta Stock Exchange tacked on 22.63 points, or 0.89%, to close at 2,562.49.

Archangel Diamond jumped 25 cents to close at 75 cents. The market was speculating that a possible resolution to the company’s long-standing licence dispute with its Russian joint-venture partner might be in the offing.

Archangel claims a 40% interest in the Verkhotina diamond licence in northwestern Russia.

Pan Asia Mining, which recently completed a $1.8-million financing, closed at 65 cents, up 19 cents. The funds will be used to develop the 701 diamond mine in China.

First Gold Resources is getting into the construction business. The company plans a reverse-takeover of Maxito Industries, which, together with its wholly owned subsidiary, Fastfoot Industries, create forms for concrete

footings and pads. First Gold jumped 70 cents to close at $1.15.

AGC Americas Gold closed at $2.65, up 99 cents. The company is negotiating contracts to market brand-name watches, jewelry and collectibles over the internet.

Foran Mining found a nickel and closed at $1.35. The company released more assay results form the new sulphide lens it discovered at the McIlvenna

Bay deposit in northern Saskatchewan. Drill hole 107 cut 4.18 metres averaging 1.43% copper and 8.94% zinc, plus 1.3 grams gold and 10.9 grams silver per tonne.

Winspear Resources tumbled 42 cents to close at $4.11. The company is currently working on a grade estimate for in situ tonnes of kimberlite at the northwestern dyke on its 67.8%-owned Camsell Lake property in the Northwest Territories. The resource estimate will be used for a feasibility study that will address mining economics.

Curion Ventures lost 14 cents to close at 43 cents. The company intends to earn an interest in, and carry out exploration on, a deep oil and gas exploration project with Tri-Valley Oil & Gas. The project is in the San Joaquin Valley in California.

Donner Minerals dropped 5 cents to close at 19 cents. Donner has mothballed its summer exploration program on the South Voisey’s Bay properties in

Labrador. Donner says it is not prepared to enter into agreements with the Innu Nation that would grant effective management control to the band.

Donner also believes the agreements would place the company in the middle of land claims negotiations between the Innu and the Canadian government.

EuroZinc Mining found a penny to close at 87 cents. The company intends to raise $4.5 million.