MINING MARKETS & INVESTMENT NEWS — WESTERN MARKETS — Resource stocks continue downtrend

The Vancouver Stock Exchange composite index nosedived 14.82 points, or 3.3%, to close the week at 429.8 over the report period ended June 15. The mining index also took a plunge, dropping 16.9 points, or 5.5%, to finish the week at 290.67.

Meanwhile, the combined value of the Alberta Stock Exchange bucked the trend and rose 14.66 points, or 0.6%, to close at 2,472.83.

The impending release of grade estimates for the first half of a 6,000-tonne bulk sample spurred a flurry of volatile trading activity that saw Winspear Resources drop $1.20 to close at $3.65. The bulk sample was taken from the company’s Snap Lake diamond prospect in the Northwest Territories.

GMD Resources tacked on 21 cents to close at 75 cents. The market is waiting for the company to announce a drill program to follow up on a compelling diamond indicator mineral anomaly discovered on its Royce claim group in the Northwest Territories.

Golden Arch Resources closed at 15 cents, up a nickel. The company is looking at marketing an electronic battery management tool designed to enhance the life of lead storage batteries.

Alberta-listed Starfield Resources closed at $1.45, up 15 cents. The market is anticipating results from the first five holes drilled on the company’s Ferguson Lake nickel/copper/platinum-group-metals prospect in the Northwest Territories.

Consolidated Silver Tusk Mines lost 28 cents to close at 62 cents, in response to political instability in Indonesia, which could frustrate the possibility of developing the Karya Bukit epithermal gold-silver project in Sumatra.

Foran Mining jumped 8 cents to close at 86 cents. The company released more encouraging assay results from three additional holes drilled at its McIlvenna Bay deposit in northern Saskatchewan.

Alberta-listed Montello Resources slipped 2 cents to close at 18 cents. The company is constructing an interactive web site called net-locate.com. Meanwhile, Montello and partner Kennecott Canada have applied for the Mineral Exploration Assistance Program in Manitoba; any moneys received will be applied to a summer reconnaissance exploration program in Manitoba, which is scheduled to begin in mid August.

Aquest Minerals lost a dime to close at 50 cents. The company has begun a reverse-circulation drill program on the Anabella gold project in western Guatemala.

Polymet Mining dropped 15 cents to close at $1.90. The bio-leaching metallurgical process was found to be successful in recovering metals from the bulk-sample concentrate produced at the company’s NorthMet polymetallic deposit in northern Minnesota. Results were similar to those achieved using pressure-oxidation.