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To: ms.smartest.person who wrote (2498)	5/20/2007 9:37:50 PM
From: ms.smartest.person	Read Replies (1) \| Respond to of 3198

May 20, 2007 That Was The Week That Was … In Canada By Our Canadian Correspondent Minews. It looks like it was another exciting week on the Canadian markets. minesite.com CC. Yes indeed and it was the nickel players that were leading the charge. Up front and center was the battle for LionOre Mining International but the junior bourse was not left out in the cold as select drill results sent shares in a few of the exploration companies dramatically higher. When all was said and done however, the TSX Ventures Exchange, home to the most junior exploration stocks, lost ground for the third straight week by posting a 1.9 per cent decline. On Canada’s big board, all eyes were on LionOre as Russia’s Norilsk Nickel may be left standing at the altar as Swiss-based Xstrata upped its initial cash bid for LionOre by 35 per cent to C$6.2 billion, besting Norilsk Nickel’s C$5.3 billion counter-offer for the Toronto-based company. The highest bid now stands at C$25 per LionOre share and Norilsk Nickel has until May 25 to up its price for LionOre. Of note and controversy, LionOre has increased the amount it will pay Xstrata if a competing proposal wins the hearts of shareholder to C$305 million from C$131 million. A fact not liked by Norilsk Nickel but investor feel more bids are coming because LionOre ended the week up C$3.39 to C$27.64. On the junior front, shares in Golden Chalice Resources exploded after the company announced that it had cut 1.14% nickel over 72.50 metres on its Langmuir property some 35 kms south of Xstrata's Kidd Creek site in Timmins, Ontario. The hot hole also including two higher-grade sections running 2.23% nickel, 0.22% copper, 0.20 g/t platinum and 0.50 g/t palladium over 17.50 metres and 1.74 % nickel, 0.12% copper, 0.20g/t platinum and 0.47 g/t palladium over 13.10 metres. The professionals are in deep debate over this one with several stating that the extent of the mineralization looks problematic, while others say the presence of platinum-palladium indicates that mineral pooling in this area is probably extensive. Regardless, with the results from 19 more holes pending, some of which could be out as early as next week, we may not have to wait long to see which camp is right. Shares in Golden Chalice ended the week up C$1.45 at C$1.73 on over 37 million shares changing hands. It was also a good week for shareholders of Southern Arc Minerals. The company announced that drilling on their West Lombok copper-gold property in Indonesia returned 442.2 metre intersection averaging 0.28% copper and 0.42 g/t gold per tonne. Southern Arc also reported a 166.2-metre high-grade sulphide zone grading 0.52% copper and 0.85 g/t gold, including 105 metres grading 0.6% copper and 1.04 g/t gold. The junior ended the week up C$0.36 at C$1.42. Moving closer to home, Serengeti Resources continued to hit the goods at its Kwanika property in north-central British Columbia. The latest results included a 328.3 metres section grading 0.61% copper, 0.72 g/t gold and 1.8 g/t silver in one hole and 462.7 metres grading 0.61% copper, 0.38 g/t gold and 1.9 grams silver, ending in mineralization in another. On the back of the results the company arranged a C$15 million bought deal financing. Serengeti ended the week up C$1.22 at C$3.34. On the downside, investors bailed out on uranium explorers Rockgate Capital and Delta Exploration after the partners tallied lower than expected drill results from the first two holes of the Falea uranium project in Mali, West Africa. The first hole cut 0.034% uranium and 0.4% copper over 4.5 metres and second intercept of 0.05% uranium and 0.39% copper across 3.5 metres, while the second hole returned 0.207% uranium and 0.57% copper over 3.1 metres including 0.8 metres of 0.39% uranium and 0.61% copper. Rockgate ended the week down C$2 at C$2.68 on nearly 8 million shares traded and Delta ended the week down C$1.49 at C$1.39 on over 5 million shares crossing the floor. Another junior uranium player that got a wake up call this past week was International Arimex Resources. The junior reported the results from three holes at its Key Lake project in the Athabasca Basin. The best hole yielded only 0.15 metres of 0.058% U308. International Arimex ended the week down C$0.08 at C$0.13. The Canadian dollar hit a 30 year high against the United States dollar this week as strong economic data out of resource rich Canada has many calling for an interest rate hike. South of the border, pundits are continuing to call for the United State Federal Reserve to lower rates. All in this entire scenario plays to more weakening of the greenback and in return this should be good for gold