Vancouver Stock Exchange Vancouver market stages modest recovery

After an extended downward spiral, both Vancouver Stock Exchange Indices staged rebounds over the week ended Sept. 4: the Resource Index up about five points to the 740 level, and the Composite Index up 7.03 to finish the week at 698.52. Gold watchers were not so lucky, however, with bullion prices slipping to the US$383.30 level.

Adrian Resources hit another air pocket this week, plunging a further $1.60 to trade at the $2.75 level, mid-morning today, Sept. 5. The street is apparently circulating rumors of more unspectacular results from the company’s claims north of the Eskay Creek property.

The much anticipated assay results from the JW property owned by Bellex Mining and Quattro Resources were released, returning intercepts ranging from 48 ft. to 197 ft. grading up to 0.23% copper and 0.012 gold. The market seemed to be expecting more, however, selling off Bellex to the tune of over $1 while Quattro shed $1 7/8 to trade at the $6.50 level on Sept. 5.

WiseBoy Resources was an active issue, trading over 1.3 million shares and adding 9 cents to finish the week at 29 cents. The company reports that it has encountered “encouraging” gold values from the FK property in the Stikine Arch north of Stewart, B.C.

Consolidated Rhodes took top spot on the most active list trading over 3.5 million shares. The issue added 21 cents to finish the week at 96 cents. Rhodes recently announced a deal with Toltec Resources to earn a 50% interest in Toltec’s Gold Basin property where drilling has returned gold assays of 0.65 oz. per ton over 55 ft. and 0.046 oz. over 125 ft.

Toltec’s price was up a more modest 17 cents, to finish the period at $1.47.

Briana Resources put in a sizzling performance, jumping $1.26 to $4.15. No light was shed on the mysterious move. The company, however, reports that it is unaware of any material changes that would affect the stock price.

Not so mysterious was a $2 5/8 jump in the price of Continental Gold to the $19.50 level after Placer announced that it would offer all shareholders $20 for their stock.

High Frontier Resources added 21 cents to finish at 76 cents. The company is planning to start drilling on its Washington Dome property in Utah and has been reporting high-grade surface samples from its Moonlight and GOZ-RDN projects in the Golden Triangle area of northern British Columbia.

Sutton Resources continued to march ahead, adding 60 cents to finish at $4.45. The company recently reported it can earn an interest in the Kabanga nickel deposit in western Tanzania, Africa. The deposit is estimated to contain an underground geologic reserve of over 40 million tons grading 1.05% nickel plus associated copper, cobalt, gold and platinum.

With the common stock pushing new lows at the $1 level, preferred shares of Eastmaque Gold Mines finally broke down below the $3 level, off 45 cents at $2.90. Although the company is reporting cash flow, it appears to have no intention of paying dividends on the preferred shares which are now over two years in arrears.