STOCK MARKETS — Summer doldrums make for quiet western

Western markets remained relatively quiet during the holiday-shortened week ended Aug. 4, with the Vancouver Stock Exchange composite index gaining 1.91 points to finish at the 580 level and the resource index closing off 2.32 points at 552.23.

The Alberta Stock Exchange composite index remained little changed, slipping 0.61 points to close at 834.86.

Gold bullion took a hit during the week, dropping below US$353 per oz. The proposed acquisition of the Transmitter Hill property in Utah gave Consolidated Shoshoni Gold a 22 cents boost to 80 cents. The property is adjacent to the Yellowhammer property under option to Goldstack Resources. A number of high-grade copper intersections were reported at the Yellowhammer earlier this year, including a 55-ft. intersection grading 3.65% copper and 0.019 oz. gold per ton.

Big Creek Resources released assay results for four more holes on its Casino gold-copper property in southern Yukon. The best hole included a 220-ft. section from 362 ft. to 582 ft. grading 0.76% copper and 0.021 oz. gold. Increasing the potential supply of stock, Big Creek also announced the exercise of a total of 600,000 warrants to purchase an equal number of shares at 30 cents each, as well as the granting of stock options to purchase up to 160,000 shares at $1.08 each. Big Creek finished the week up 9 cents at $1.39. St. Philips Resources continued to lose ground, shedding 26 cents to close at $1.34. Financing for a major exploration and development program on the company’s 40% owned South Kemess property in north-central British Columbia fell through earlier this year, limiting work to about $1 million. El Condor Resources, the company’s 60% partner on the property, has been unable to negotiate alternative financing for St. Philips. With a separate exploration program now underway on its 100% owned ground to the north, El Condor remained little changed at $4.25, boosting the share price ratio between the two companies to about 3-to-1 from the previous level of about 2-to-1.

Miramar Mining did well, adding 16 cents to close at a 52-week high of $1.85. The company is in the process of bringing its Golden Eagle property near Reno, Nev., back into production.

Silverado Mines also hit a 52-week high, closing up 9 cents at 92 cents as investors await results from drilling on the company’s 20% owned Ester Dome property near Fairbanks, Alaska. Inco owns the remaining 80% interest and is the operator on the project.

Shareholders of Canarc Resource, Suntac Minerals and ASE-listed Rembrandt Gold Mines gave “thumbs up” in early August to a merger of the three companies. Canarc gained 3 cents to $1.35, and Suntac closed unchanged at 34 cents.

Plans to acquire over 500,000 acres of mineral claims in the Lac de Gras region of the Northwest Territories left the share price of Texas Star Resources unchanged at $1.30. The company also announced a broker private placement for $500,000 in 7% debentures, convertible into common stock at $1.30 per share.

Results from a recently completed drilling program on the Katie project near Salmo, B.C., failed to create much excitement in 57% owner Yellowjack Resources. The issue finished down 2 cents at 59 cents with the best intersection returning 0.23% copper and 0.011 oz. gold over 318 ft. Yellowjack noted that a number of major companies are interested in participating in the Katie project and are reviewing the results from this year’s program. Hemlo Gold Mines and Brenda Mines, owners of the balance of the property, elected not to participate in further work earlier this year and are allowing their interest to be diluted.