MINING MARKETS & INVESTMENT NEWS — WESTERN MARKETS — Winspear leads as VSE posts modest gains

During the holiday-shortened report period ended June 28, the Vancouver Stock Exchange composite index tacked on 5.75 pointts, or 1.35%, to close the week at 430.48. The mining index rose 3.70 points, or 1.29%, and finished at 289.56.

Meanwhile, the combined value of the Alberta Stock Exchange dropped 1.07 points, or 0.04%, to close at 2,489.53.

Winspear Resources was the week’s hot stock. The market is still excited about the diamond bulk-sample results from the company’s Snap Lake project in the Northwest Territories. The 3,000-tonne bulk sample averaged 1.845 carats per tonne and was valued at US$98.42 per carat. This translates into an implied value of US$181 per tonne. Winspear’s issue rocketed 41 cents to close at $4.07.

Diamondex Resources, a subsidiary containing Winspear’s grassroots projects, held on to big brother’s coat tails and went along for the ride. The company jumped 36 cents to close at $1.26. Diamondex holds claims surrounding Winspear’s Camsell Lake property.

Pan Asia Mining rose 23 cents and closed at 64 cents. The company completed a $3-million financing. The funds will be applied to the first phase of development at the 701 diamond mine in China.

Global Explorations gained 12 cents to close at $1.12. The company received a first batch of rough diamonds from the Democratic Republic of Congo. The delivery reportedly contains more than 1,000 carats ranging in size from 0.2 to 43 carats. Global intends pursue higher returns on rough diamonds by departing from traditional marketing channels and selling directly to end-users.

Bell Coast Capital saw its issue jump 15 cents to close at 26 cents. The company is reviewing the possibility of trying its luck in the e-commerce field.

Alberta-listed Meteor Minerals closed at 21 cents, up a dime. Meteor holds a 35% interest in the internet company Thoughtshare Communications. Newsletter writer John Kaiser is hot on the stock, saying that Thoughtshare is developing a browser plug-in that will revolutionize the way we use the internet.

Mt. Tom Minerals lost a nickel and closed at 35 cents. The company has inked a deal to acquire internet gaming technology licences and intends to launch a series of gaming sites within the next 60-90 days.

KRL Resources dropped 5 cents to close at 15 cents after receiving further analytical results from its recently completed drill program on the Copper Hill property in the Shining Tree area of Ontario, 85 km south of Timmins. Hole 2 cut 27.4 metres averaging 5.6 grams silver per tonne plus anomalous arsenic, bismuth, copper, lead and antimony.