Vancouver Stock Exchange (January 09, 1988)

When trading finished on the last business day of 1988, the VSE Index closed at 792.72 points, off 31.1% for the year. Unlike the Toronto or Montreal Exchanges, which managed to regain at least some of the ground lost since the October 1987 market crash, the VSE is still struggling to get off the runway and above the lowest trading levels recorded since the depths of the 1982 recession. But contrary to other exchanges, the market trend was up at press time, with trading in a number of Prime Capital companies credited with nudging the Index ahead 0.92 points to 796.86. Delaware Resources, which now controls Prime Capital in addition to its stake in the Snip deposit in northwestern B.C., posted a gain of 27.5 to $5.13. Even War Eagle Mining managed to gain ground today, moving ahead 21 to $1.67. The company says its now set to begin drilling its Idaho gold property. Golden Exodus, active on a mineral property near Kamloops, B.C., gained 10 to 20 *

The busiest traders over our report period were once again Prime Capital companies, particularly those active in northwestern B.C. where Murray Pezim appears to have tied up considerable ground. A massive exploration effort is planned for 1989, no doubt led by Calpine Resources on the Eskay Creek project. Calpine gained 34 to $2.77, while joint venture partner, Consolidated Stikine Silver, jumped $2.20 to reach a new high of $13.58.

Consolidated Goldwest Resources, a new-comer to the Prime Capital fold, gained 47 to $1.22 after announcing an agreement with Pass Lake Resources to acquire a claim block in the Galore Creek area about 40 miles north of the Iskut River camp. A $0.5 million program is planned for the property where grab samples from surface mineralization are reported to have assayed up to 2.5 oz gold per ton.

Adrian Resources, said to have ground covering a possible northeastern strike extension of Calpine’s discovery, gained a nickel to 67 * Another Prime Capital company, Tamavack Resources moved ahead 15 to 33 * The company staked considerable ground near Calpine’s discovery last fall.

United Lincoln Resources is now set to begin a major step-out drill program with four rigs on the Mt. Milligan property in central B.C. The $1.2 million program is designed to delineate the extent of the MBX bulk tonnage gold-copper deposit and complete preliminary metallurgical and engineering studies. The issue jumped 60 to $4.10. United Lincoln is expected to merge soon with Continental Gold Corp.