Vancouver Stock Exchange Sumer doldrums slow trading

It was yet another quiet week on the VSE with many investors still on the sidelines waiting for news from summer programs now under way in northwestern B.C. and elsewhere. The expectation is that good results might spark a late summer rally.

Among the more active issues today was Destiny Resources, which slipped 6 cents to 86 cents . Quartz Mountain Gold was down 2 cents at $1.28. Canadian-United Minerals gained 4 cents to $1.10 and Delaware Resources was up 50 cents at $7.18. The VSE Index was down .98 points at 1051.7. Decliners led advancers 199 to 160, with 409 issues unchanged.

The hot Mishibishu Lake gold camp continued to pique investor interest over our report period. Among the largest gainers was Central Crude which moved ahead 75 cents to $9.25. Hemlo Gold has a 14.1% stake in Central Crude and the two companies are 60-40 partners in the Eagle River project. Work is concentrated on a large deformation shear zone which appears to have five gold-bearing zones, along a strike length of 4.5 miles.

MacMillan Energy, also active in the camp with partner Granges Exploration, gained 35 cents to $2.55. At presstime the company had announced a surface discovery yielding “impressive results” on the Mishi Project. Windarra Minerals, which has a 25% stake in the near- production Magnacon Project, also continued its winning ways, gaining 7 cents to $1.52.

Baroque Resources, the most active trader over our report period, dropped 1 cents to 8 cents after a flow- through share sell-off was completed. Destiny Resources posted a 23 cents gain to 92 cents following news of a Phase II program being conducted by partner Noranda on the Windjammer project in Ontario. Skyline Explorations gained 87 cents on low volume to $17.25 while associated company Gulf International gained 10 cents to $3.55 on slightly heavier volume.

Chapleau Resources moved ahead 1 cents to 40 cents on heavy volume after reporting on an exploration program in the Cranbrook, B.C. area with partner Gunsteel Resources. A drill program is planned for this summer.

Terracamp Developments dropped 7 cents to 50 cents on heavy volume. The company is developing a gold prospect near Terrace, B.C. Link Resources, a Prime Capital company, gained 22 cents to $1.42. The company is concentrating its efforts on a large claim group in the Iskut River area.