STOCK MARKETS — Gold emerges unfazed by tense Russian

A continuing standoff at the Russian Parliament buildings had little, if any, effect on the price of gold over the trading period ended Sept. 28. The yellow metal finished little-changed at the US$355-per-oz. level.

Western markets were generally lacklustre, with the Vancouver Stock Exchange resource index virtually unchanged at 1,294.82.

The composite index showed limited signs of life, with a 14-point gain to 978.78.

The unrest in the east bloc is probably not of great help to Goldbelt Resources, which recently struck a preliminary financing deal with Pegasus Gold for a tailings project in Kazakhstan.

Goldbelt slipped 13 cents to close at 47 cents.

Kookaburra Resources was at a loss to explain a recent down-draft in its share price, although the recent drop in copper prices to their lowest level in six years might explain some of the weakness. The issue, which is exploring several copper oxide projects, traded as low as 65 cents before finishing the period down 21 cents at 79 cents.

Alberta-listed Aaron Oil and Rhonda Mining were unchanged after announcing exploration results from their Fort a la Corne joint venture in Saskatchewan. Small-diameter drilling on the property outlined what the companies described as aprons of layered kimberlite volcanics and sediments. Within the same enriched horizons, a total of six microdiamonds have been recovered. This renders the results a lot less exciting than the recent finds in the Northwest Territories.

Partners Winspear Resources and International Vestor recently intersected kimberlite in two holes in the Humpy Lake area of the Northwest Territories. Two 45 holes intersected 660 ft. and 511.5 ft., respectively, of kimberlite rock below a shallow lake. The core is now being analysed for possible diamond content.

Both issues lost 15 cents, with Winspear closing at $1.41 and International Vestor settling at 85 cents.

Verdstone Gold has acquired an option to earn up to a 60% interest in the Mission property in Mali from Mink Resources. Both diamonds and gold have been found in placers downstream from known kimberlite pipes on the property. Verdstone added 11 cents to close at $1.14 while Mink gained 6 cents to close at $1.20.

The acquisition of an option to buy another gold prospect in Mexico helped Manhattan Minerals. The issue gained 50 cents to close at $2.15. An agreement to acquire an interest in a large mineral project in China did little for Alberta-listed Asia Minerals. The company can negotiate the right to acquire up to a 60% interest in the Ashele copper-zinc deposit subject to the completion of a prefeasibility study. Preliminary reserves are estimated at 24 million tonnes grading 3.1% copper and 1% zinc.

The issue lost 4 cents to close at 46 cents.

Argosy Mining took top trading spot with more than 8.3 million shares changing hands following an extended trading halt. The issue traded as high as 65 cents before closing down 4 cents at 44 cents.

The company completed the issue of eight million common shares at A50 cents and announced the acquisition of the right to earn up to a 40% interest in eight diamond exploration properties in Zimbabwe and Tanzania from a private London-based company (Reunion Mining).

Kalahari Resources finally bounced after an extended fall, gaining 8 cents to close at 72 cents.

The company is processing several hundred indicator mineral samples from its Mackay Lake ground in the Northwest Territories in an effort to refine potential drill targets.

In a recent press release, Albert Applegath, president of the company, advised investors to be patient, noting that the exploration process is a 2-to-5-year play.

There is little doubt that investors who bought the stock at its high of $4 earlier this year have had their patience tested. The junior has yet to find a kimberlite, even though a drill was working on at least one target this past summer.