STOCK MARKETS — Sluggish VSE index drags miners down

The Vancouver Stock Exchange composite index continued its downward trend over the report period ended March 25, dragging many mining issues with it.

The index lost 60 points to finish at 1,265.7. The resource index was also down again, dropping 134.13 points to finish at 2,329.85. The Alberta Stock Exchange lost 43.31 points to close at 2,889.64.

Sutton Resources was off $2.40 to end the report period at $28.60. A Vancouver mining analyst revised his 6-month target price to $37, owing to the development of the company’s 85%-owned Bulyanhulu gold project in Tanzania. The same analyst had recommended Sutton as a buy in September, when the stock was at $18.50.

Mar-West Resources was down 35 cents to close at $2.12. The junior, which focuses primarily on Latin American prospects, recently completed a $2.8-million financing to fund acquisition and exploration programs in Guatemala and El Salvador. Mar-West also acquired 300,000 shares of Curion Venture as part of a debt settlement.

Indomin Resources managed to buck the overall trend, gaining 70 cents over the week to close at $6.10. The company said it is expecting Indonesian government approval for several sixth-generation contracts of work. Indomin also announced that Diamond Fields Resources founder Jean-Raymond Boule has acquired 5.3% of the company.

Diamond explorer Winspear Resources lost 81 cents over the week to close at $2.74. The Vancouver-listed stock was also the second most active issue on the exchange, with 3 million shares changing hands over the report period.

Winspear has begun a 4,500-metre drill program at its Snap Lake property in the Northwest Territories.

Another diamond hunter, Canabrava Diamond, was also down, losing 70 cents to close at $4.50. The company recently announced it had recovered a diamond weighing 37.8 carats from a stream on its joint-ventured Quintinos property in Brazil.

Golden Peaks Resources gained 20 cents to end the report period at $3. Eight diamond drill holes have been completed on the company’s Los Dos Buhos project in Argentina, a joint venture with Primo Resources. A second drill rig has been sent to drill the School prospect. Primo Resources was up 15 cents to $1.60.

High-flyer Francisco Gold fell $6.15 to end the report period at $27.85, erasing the previous week’s gain of $3.40. Nonetheless, Francisco’s stock value has more than doubled since Feb. 28, when the company released sparkling results from its wholly owned Sauzal gold property in Mexico.

Calgary-based Hixon Gold Resources lost most of what it gained in the previous week, slipping $1.35 to close at $9.95. Hixon is still awaiting trench results from its Gold Stenpad property in Ghana, West Africa.

Summex Mines says the vice-chairman of Farallon Resources failed to appear in court during legal proceedings involving a joint venture in Campo Morado, Mexico. Summex has accused Farallon of breach-of-contract there.

Meanwhile, Farallon says drilling at Campo Morado continues. According to the company, exploration is “confirming that a large, high-quality gold-silver-copper-lead-zinc mining development is in the making.” Farallon was down $1.85 to $11.75, while Summex fell 20 cents to $2.80.

Gossan Resources posted a 29% gain over the week, jumping 35 cents to close at $1.55. The company said an internal review of its 50%-owned Pipestone Lake titanium-vanadium-iron-ilmenite-magnetite deposit in

Manitoba added another 235 million tons to the resource. Gossan also holds nickel and gold prospects in Manitoba and Ontario.