MINING MARKETS & INVESTMENT NEWS — WESTERN MARKETS — Western markets continue slump as gold slides

The Vancouver Stock Exchange composite index sunk through the 400-point level, losing 8.61 points, or 2.1%, to close the report period ended Oct. 26 at 395.20. Meanwhile, the mining index lost ground for the ninth straight day, finishing down 11.59 points, or 4%, and coming to rest at 276.76.

Meanwhile, the combined value of the Alberta Stock Exchange edged down 4.56 points, or 0.16%, to close at 2,806.75.

Santa Catalina Mining lost 2 cents on high volumes of trading and closed the week at 61 cents. The Lundin-led company has agreed to acquire a 25% interest in the Hassi Bir Rekaiz oil concession from Arco Ghadames. The concession covers 788,000 acres in the northern portion of the Ghadames basin in northern Algeria.

Winspear Resources closed at $2.55, up 15 cents. The company is in the midst of a $14-million financing, proceeds of which will be used to fund underground bulk-sampling at its 67%-owned Camsell Lake diamond property in the Northwest Territories. Toronto-listed Aber Resources holds the remaining interest.

United Carina Resources and Consolidated Pine Channel Gold each stand to earn a half-interest in 43 gold mining claims known collectively as the Appleton property, near Gander, Nfld. The market is anticipating assay results from visual reports that drilling hit 6 and 10.6 metres of sulphides in two separate holes. Consolidated Pine Channel closed at 13 cents, up 5 cents, and United Carina tacked on 12 cents to close at 80 cents.

Hunter-Dickinson led Anooraq Resources closed at 95 cents, up 10 cents. The company recently inked a deal with Pinnacle Resources to acquire a platinum exploration project in the Bushveld region of South Africa.

Rubicon Minerals added 8 cents to close at 55 cents. The company has sent a field crew to Red Lake, Ont., to conduct mechanized striping and sampling of prospective contact zones on the McCuaig gold project. The property lies at the eastern end of the Dorion-McCuaig corridor, an extension of the Red Lake mine trend. Rubicon is earning a half-interest in the property from Golden Tag Resources. Golden Tag lost 2 cents to finish at 23 cents.

Olympus Pacific Minerals lost 8 cents to end the report period at 32 cents. The company released preliminary results from the first series of diamond drill programs at the 100-sq.-km Phuoc Son project in Central Vietnam. Hole 1 intersected 2.4 metres averaging 28.22 grams gold per tonne. Five additional drill holes have been completed and assays are pending.

Hyperion Resources found a penny and closed at 19 cents. The junior has completed an induced-polarization survey and launched the the next phase of diamond drilling at its Monte Rojo volcanogenic massive-sulphide prospect near Holguin, Cuba.

Rocca Resources added 10 cents to close at 42 cents. The company has acquired the SiegeSoft.com web site, which blocks personal information from being retrieved from computers.