MINING MARKETS & INVESTMENT NEWS — WESTERN MARKETS — Drill results add fuel to Vancouver exchange

The Vancouver Stock Exchange composite index was up 4.33 points, or 1.1%, to close the holiday-shortened report period Sept. 1-7 at 412.21. The mining index edged up 5.59 points, or 2.1%, to finish at 277.95. The combined value of the Alberta Stock Exchange closed the week at 2,669.2 for a gain of 18.32 points, or 0.7%.

International Jaguar Equities began a minimum 4-hole drill program on a prospective copper porphyry target in the Taseko Lakes region of southwestern British Columbia. The issue remained unchanged at 10 cents.

EuroZinc Mining was up 7 cents at $1 after investors had time to digest results from drilling on a new zone at its 75%-optioned Aljustrel zinc project in Portugal.

Botswana Diamondfields rose 20 cents to close at 70 cents. Botswana and Toronto-listed Crew Developments have proposed a plan to merge whereby Botswana shareholders will receive two Crew shares for every three shares held. Crew also announced plans to merge with Norwegian-based explorer Mindex ASA.

Partners Camnor Resources and Oromin Explorations reported results from a 6-hole program of shallow drilling on two volcanogenic massive sulphide zones at the Cirque property in the Bonnifield district of Alaska. The best hole intercepted a near-surface 5.5 metres of 8.1% zinc, 2.1% lead and 1.4% copper, plus 2.8 grams gold and 74.4 grams silver per tonne. Drilling indicates the zone loses grade and pinches at depth. Camnor slipped 2 cents to 7 cents, whereas Oromin closed down 2 cents at 20 cents.

Joint-venture partners Hyder Gold and Rimfire Minerals are encouraged by preliminary work on their Eagle and Bou properties in the Pogo area of Alaska and have begun follow-up soil sampling, mapping and prospecting. Hyder was up a penny at 13 cents, whereas Rimfire remained unchanged at 45 cents.

Alberta-listed Buchans River edged down 20 cents to 45 cents on limited trading after announcing an update from several ongoing exploration programs in Newfoundland.

United Carina Resources was up 4 cents at 55 cents after completing a $750,000 private placement of 2 million units priced at 37 cents each. A unit consists of one share and one warrant entitling the owner to buy an additional share at 37 cents for two years. Proceeds will be used to fund exploration work on the company’s Linear Group gold properties near Gander, Nfld.

IMA Exploration has appointed Lindsay Bottomer as vice-president of exploration in preparation of an aggressive exploration program planned for its Valle del Cura gold properties in Argentina. A $1.5-million financing by Barrick Gold is funding the work program. IMA closed up 10 cents at 60 cents.