STOCK MARKETS — Eurus, Crystallex assays add to Kilometre 88

Western markets continued to advance during the period ended March 9, with the Vancouver Stock Exchange resource index posting a 13.53-point gain to 827.15 and the composite index adding a more modest increase of 3.46 points to the 762 level.

Eurus Resource and Crystallex International released results from two core holes at their Albino concession in the Kilometre 88 region of Venezuela.

The results support the high expectations for the area, with hole 93-1 intersecting 18.9 metres grading 19.8 grams gold per tonne and hole 93-5 intersecting 4.4 metres grading 68.8 grams. Holes 93-6 and 93-7 returned 8.7 metres grading 16 grams and one metre grading 47.9 grams, respectively. Eurus finished the period up 2 cents at $2.93 while Crystallex added 38 cents to close at $6.25.

Crystallex announced it has granted four companies the right to earn a 50% interest in each of four 500-hectare concessions on its El Tigre property in eastern Venezuela.

The companies include Double Down Resource, Eaglecrest Explorations, Silverstone Resources and Shorewood Explorations.

All four issues lost ground, with Double Down slipping 11 cents to close at $1.24, Eaglecrest losing 25 cents to finish at 95 cents, Silverstone dipping 6 cents at 44 cents and Shorewood edging off a nickel at 45 cents. Ongoing negotiations to acquire claims in southeastern Venezuela helped International Blue Sun post a 21 cents gain to $1.20.

Golden Trump Resources announced similar plans, adding 12 cents to close at 45 cents.

The battle for Oro Uno concession in the Kilometre 88 region intensified with the launch of court action by the property’s underlying owner against Minex, the company with an option to earn a 100% interest in the property. The owner claims Minex forfeited its right to the property after missing two property payments totalling more than US$2.4 million, while Minex claims it arranged an extension on the payment deadline.

Venezuelan Goldfields, which recently acquired the underlying owner’s litigation rights, remained unchanged at the $11 level.

International Kengate Ventures, which has an agreement to acquire 100% of Minex, continued to lose ground, closing down 45 cents at $1. Tombstone Explorations closed a previously announced agreement to acquire a 100% interest in 35 mineral concessions in Venezuela. Canarc Resource has an option to earn a 50% interest in 17 of the concessions and recently completed a $1.9 million private placement in Tombstone.

Canarc lost 30 cents, finishing at $1.40, while Tombstone dropped 35 cents to close at $2.20.

An agreement to acquire from Lumina Investment a 50% interest in two separate properties in the northeastern sector of the Lac de Gras, N.W.T. diamond camp gave Star Dance Resources a 60 cents boost to 83 cents on more than 1.6 million shares.

The property surrounds Homestake Mining’s holdings in the area, including the George Lake deposit which is reported to contain reserves of three million tonnes grading 12.41 grams. Lumina also gained ground, finishing up 42 cents at $2.90.

Surprise results from a water-monitoring well at its Huckleberry property near Kemano, B.C., helped New Canamin Resources with a modest 14 cents increase to $1.24. The hole, about 1,150 metres east of the company’s proposed open pit, bottomed in copper mineralization with a 7.2-metre intersection grading 0.89% copper. The company plans more drilling in stepouts around the discovery.

Consolidated Pine Channel continued to gain ground, jumping 50 cents to close at $2.50. Noranda Exploration will soon begin drilling on the companies’ Reindeer River and Stackhouse Bay massive sulphide joint ventures in Saskatchewan. The company also acquired 15 claims with diamond potential, north of Prince Albert, Sask.