STOCK MARKETS — VSE juniors gain after holiday slump

The Vancouver Stock Exchange composite index was up slightly over a slow Christmas week to close at 1162.27, up 16.76 points from the previous week’s close of 1145.51. The resource index closed at 2296.09.

Diamonds continue to sparkle in the eyes of investors. One of the biggest net gainers was diamond explorer Antler Resources, with shareholders enjoying a $1.95-per-share Christmas present to finish at $8.75. Antler is one of many juniors hunting for the stones in Canada’s Northwest Territories and has a 25.3% interest in the Camsell Lake joint venture with Toronto-listed Aber Resources (32%) and Winspear Resources (32%).

Winspear was also a big gainer, up $1.13 to finish at $4.05, for a gain of 38.7%.

Highgrade Ventures was up 50 cents over the week, including an 80 cents leap on Friday, Dec. 27, to close at $6. On Dec. 23, Highgrade announced the closing of a $4.2-million private placement to raise funds for diamond drilling on the company’s Tucuma Gold concession in Brazil in January. On the Aragarcas diamond concession, also in Brazil, Highgrade plans to begin a program of detailed geology, geophysics and auger drilling to block out volumes of gravels and determine diamond grades with bulk testing.

Valerie Gold continued its rise, up 75 cents over the week (65 cents on Friday alone), to finish at $6.80. The company, part of the stable of mining entrepreneur Frank Lang, gained 35 cents on trading in the previous 2-day report period, chiefly on the strength of the release of a status report from Valerie’s 85%-owned Mamatla massive sulphide project in central Mexico.

On Christmas eve, Australian-based Lone Star Exploration announced that JCI had acquired 7.7 million Lone Star shares, representing 8.51% of the company.

Lone Star is exploring the Awak Mas property in Indonesia, and company Chairman Robert Wilde called JCI’s purchase “a vote of confidence.” Lone Star gained 10 cents over the Christmas week to close at 79 cents.

Silver Standard gained 15 cents to close at $6.25, after adding another continent to its exploration targets. The company agreed with Golden Shamrock Mines of Melbourne, Australia, to acquire GSM Exploration, whose sole asset is a 100% interest in the Bowdens deposit — a 60-million-oz. silver resource about 200 km northwest of Sydney. The cost to Silver Standard, which also has properties in Mexico, Bolivia and the Russian Far East, is US$6.7 million.

Mansfield Minerals gained 10 cents over the report period (including a 1-day jump on Friday of 37 cents) to close at $4. Mainsfield says Rio Algom Exploration has begun a 10-hole, 1,200-to-1,500-metre drill program on the Brealito property in northwestern Argentina. Rio Algom has an option to earn up to a 60% interest in the project.

Also up were Palmer Resources, gaining $1.05 to close at $6.40, Essex Resource, up 76 cents ending at $3.44, and Taseko Mines, closing at $8 for a gain of 75 cents.

The most active issue was Milagro Minerals, with 2.2 million shares trading hands after the company cancelled its proposed merger with Toronto-listed Geomaque Explorations. Milagro’s principal asset is a 10,000-ha concession in Honduras. The issue resumed trading after being halted in late November and closed the report period at 76 cents, up 6 cents over the week.

On the down side, Francisco Gold was one of the biggest net losers, off 65 cents to close the holiday week at $14.65. Results are pending from drilling at the company’s Sauzal gold project in Chihuahua state, Mexico.

Booker Gold was also down 25 cents, to close at $2.90. The company is continuing its drill program at the copper-gold Hearne Hill property, near Smithers, B.C.

Fenway Resources lost $1 to close at $11.80. Fenway has a limestone project and a net profits interest in a nickel-chromite property, both of which are in the Philippines.

Also down was El Misti Gold, losing 50 cents to finish at $4.60.