Vancouver Stock Exchange (July 17, 1989)

But despite this tentative mood of optimism, trading in Vancouver remains sluggish. The VSE has had an extremely hard time regaining ground lost since the October 1987 market crash, consequently the investment industry is in a period of transition and consolidation, just like the junior mining sector that it has worked alongside for decades.

A wave of mergers has started and many expect more will come. The most recent will see Toronto- based Loewen Ondaatje McCutcheon buy Canarim Investment, the VSE’s largest underwriter. Last month Continental Securities and Yorkton Securities joined forces, just months after Pemberton Securities and RBC Dominion Securities announced their union.

All this corporate manoeuvering aside, the VSE Index was down 2.03 points at 704.32 at press time, off 2.1 points from a week ago.

Carnes Creek Explorations was among the more active issues today, up 3 cents to 36 cents after announcing plans to acquire an interest in a telecommunications company. Calpine Resources was also busy, ahead 11 cents at $1.74. The company is busy drilling its Eskay Creek gold property, a joint venture with Consolidated Stikine Silver. This interesting project will no doubt be closely watched as the summer working season gets into full gear in northwestern British Columbia.

Antelope Resources was among the more active issues over our report period after announcing it had intersected 7.1 oz gold over an estimated true width of 8.4 ft on a claim block near Rossland, B.C. The property is part of land assemblage being explored by 50/50 partners Antelope and Bryndon Ventures. Antelope moved up 11 cents to settle at 86 cents .

Halley Resources got a boost of 17 cents to close at 32 cents after announcing it had picked up 42 claims in Louvicourt Twp., near Val d’Or, Que. Investor interest in this area was sparked by Aur Resources’ major discovery of a new zinc- copper-silver-gold deposit.

A number of Prime Capital companies appear to picking up steam. Among them is Ticker Tape Resources which moved up a nickel to 35 cents after announcing the start of an exploration program on the Newice gold project in northwestern British Columbia, a joint venture with Cheryl Resources.

Caribbean Resources inched up 1 cents to settle at 90 cents while Exmar Resources gained 6 cents to $1.10. The companies are involved in a promising gold project in the active Mishibishu Lake region of Ontario. Consolidated Heron Resources gained 1 cents to 27 cents after completing a financing to begin work on its gold properties in Nevada.

Redfern Resources, which has a 40% interest in a promising base metal/precious metal deposit in northern British Columbia being explored by Cominco Ltd., gained 23 cents to $1.48.

And Cream Silver Mines was up 7 cents at 20 cents after announcing it had filed a claim with the Supreme Court of British Columbia seeking damages as a result of being deprived of the right to explore and develop its mineral claims in Strathcona Park on Vancouver Island.

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