Vancouver Stock Exchange (October 02, 1989)

Pezim’s flagship Prime Resources was among the more active issues over our report period, but it lost 41 cents to $2.98.

Calpine Resources was also easier this week, off 38 cents to settle at $6.38. Calpine’s key asset is its 50% stake in the Eskay Creek project, north of Stewart, B.C.

Partner Stikine Resources has a 50% interest in the promising gold/base metal project. But to no one’s surprise, Stikine recently retained Yorkton Continental Securities as its fiscal agent to find a buyer for its shares.

Stikine shares reached a high of $59.50 at the height of trading in August and are now trading at $47.50. While it’s expected that a number of companies will look seriously at Stikine’s offer to sell, brokers say it will have to be a company or group with fairly deep pockets. With 3.2 million fully diluted shares outstanding, and assuming its share price holds, a potential buyer is looking at a price tag of about $150 million.

Adrian Resources also lost ground this week, off a further 57 cents to $1.83. The company is active on a property to the north of the Eskay Creek project.

Trading activity in Vancouver isn’t confined to Prime group companies. Brokers say investors are continuing to take a keen interest in polymetallic projects such as Tulsequah Chief in northwestern British Columbia and the Hanson Lake project near Flin Flon, Man.

Redfern Resources has a 40% stake in the Tulsequah Chief massive sulphide project where Cominco Ltd. is conducting a deep drill program. Both partners are encouraged by the results so far and the program has been expanded. Redfern was trading at $3.35 at presstime. War Eagle Mining is back on the scene with its War Eagle Mountain gold-silver project in southern Idaho. The issue was a high-flyer last fall when it announced some impressive results from two vertical holes drilled on the property.

A division of Nerco Inc. is currently in the midst of a drill program on the property with some good results that gave War Eagle a boost of 55 cents to $1.80.

Crown Butte Resources announced more assay results from its New World gold project Park Cty., Mont. The results weren’t as impressive as those released several weeks ago and the issue lost ground as a result. At presstime the issue was trading at $13,88 down from last week’s high of $19.00.

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