VSE

At presstime, trading was moderately active with some 10.6 million shares valued at $13.6 million changing hands halfway through the session. The VSE Index wa s up 2.49 points to 797.64, a decrease of 6.98 points from a week ago.

Crown Butte Resources, which has an interesting and promising gold project in Montana (see story this issue), jumped to $14.25 at presstime from its last mark et close of $12.38.

Aurizon Mines got a boost of 9 cents to 44 cents at presstime after Aur Resource s announced more good results from the Louvicourt copper- zinc-gold project near Val d’Or, Que. Aurizon is in the initial stages of an exploration program for similar mineralization on its nearby Connell Corner project in Louvicourt Twp.

Prime group companies are continuing to dominate trading activity in Vancouver and most of them appear to be recovering from last week’s downturn. Brokers say the market correction was both necessary and inevitable, although many agree th at the Eskay Creek gold project is one of the most significant gold projects being explored in Western Canada.

Calpine Resources, which owns 50% of Eskay Creek, moved up 38 cents to $7.62 at presstime after releasing some additional good results from hole 120. Calpine’s partner, Stikine Resources, settled at $51.50.

Adrian Resources slipped 33 cents to $2.41 over our report period, as did many other Prime group companies active near the Eskay Creek project in northwestern British Columbia.

American Fibre bucked the trend to gain 11 cents to $1.18. It’s not a Prime gro up company, but it has a project near Eskay Creek that will be drilled this season.

Murray Pezim’s Prime Resources, which recently borrowed $20 million from gold producer Corona Corp., lost 49 cents to $3.40. Prime currently owns about a 40% s take in Calpine.

Eric Friedland’s Fairbanks Gold jumped a further $1.75 to a new high of $7.62 after posting significant gains over the past few weeks. The company is busy dri lling its 51%-owned Fort Knox gold project near Fairbanks, Ala.

Under the direction of Lawrie Reinertson, Placer Dome is making a concerted and apparently effective effort to be the “partner of choice” for junio r mining co mpanies. It’s filling a financing void for juniors on one hand, and increasing i ts exposure to exploration at reduced risk and cost on the other.

Fairfield Minerals, which says it has made a gold discovery on its Elk property near Peachland, B.C, is one of the latest to ink a deal with t he international mining company. The issue slipped 9 cents to settle at $1.19.

Golden Zone Resources, which recently announced a deal with Placer Dome for continued exploration of its gold project in Alaska, was even at 50 cents .

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