MINING MARKETS & INVESTMENT NEWS — WESTERN MARKETS — Composite rises as mining index stays steady

The Vancouver Stock Exchange composite index jumped 15.81 points, or 3.5%, to close the week ended May 18 at 467.05. The mining index remained steady, gaining only half a point, or 0.18%, to finish at 318.06.

Meanwhile, the combined value of the Alberta Stock Exchange tacked on 38.04 points, or 1.6%, to closed at 2,413.64.

Alberta-listed Starfield Resources rocketed 40 cents to close at $1.08. The Vancouver-based junior has begun a exploration program on its Ferguson Lake platinum-palladium property in the new Canadian territory of Nunavut. The program will consist of ground-based geophysics and a 1,200-metre preliminary drill program.

Rift Resources closed at 11 cents, up 2 cents after it announced a recent property acquisition. The company can acquire a 100% interest in the Adi Nefas gold and polymetallic massive sulphide projects, north of Asmara, Eritrea.

Major General Resources closed up 4 cents at 36 cents, after hitting a high of 45 cents earlier in the week. The excitement was caused when drilling cut an ore-grade gold intercept on the company’s Despinassy property in Quebec. The 21.3-metre intercept averaged 6.42 grams gold per tonne. The property is a joint venture with Toronto-listed Cameco Gold, which stands to earn a 60% interest.

In related news, Major General and joint-venture partner Ascot Resources received initial results from the winter exploration program on Victoria Island in the Northwest Territories. Operator Monopros identified two new kimberlite bodies on the property. Monopros stands to earn a 51% interest in the property. Ascot closed at 40 cents, up 2 cents.

Maracote International Resources gained a nickel and closed at 36 cents. The company has initiated a second round of diamond drilling on its Halley gold-silver project in south-central Peru.

Alberta-listed Montello Resources rose 11 cents and closed at 27 cents. The company has formed a joint venture with AVL Information Systems, a marketing firm, to sell and promote an on-line vehicle tracking system for the internet.

Mt. Tom Minerals closed at 35 cents, up 13 cents.

Polymet Mining lost 11 cents and closed at $2.42. The company is in the process of a brokered private placement to raise up to $5 million. The proceeds will be put towards advancing the Dunka Road polymetallic deposit in Minnesota.

EuroZinc Mining lost a nickel and closed at 75 cents. Drill results from the Feitais deposit on the Aljustrel property in Portugal have expanded the copper zone along strike and to the southeast by 240 metres.