Vancouver Stock Exchange (February 03, 1992)

The VSE composite index managed a gain of about 20 points during the week ended Jan. 28 while the resource index reversed course, slipping 13.32 points to close at 512.36. Gold finished the period unchanged at the US$356-per-oz. level.

Vinta Exploration topped the most active list, trading more than 3.8 million shares to finish up 9 cents at 18 cents. The company issued a press release stating that there is no material change in its affairs although the company is reviewing possible business opportunities. Vinta also announced it has arranged a private placement of 1.5 million units priced at 15 cents per unit. The unit includes a share plus a share purchase warrant exercisable at 17 cents for one year.

A mysterious bout of buying pushed New Beginnings Resources to a high of 22 cents from the penny level before the issue was halted. The company stated that there have been no material changes in the company’s affairs to justify the trading volume or the price move. Rumor has it that the buying came out of Toronto and is tied to a manipulation of the share price by a party unrelated to the company.

Quattro Resources, another company which recently experienced a jump in trading activity for no apparent reason, lost some ground, falling 30 cents to close at $1.30.

Golden Ring Resources slipped to a low of $1.25 before finishing unchanged at the $1.50 level. The company recently completed the first drill hole on its Bellas Gate property in Jamaica, touching down at 526 ft. The core has been flown to Toronto for assaying and Prime Explorations, manager of the drilling program, expects to receive assay results from the hole by the second week in February.

After encountering some difficulty in receiving drilling permits, Toltec Resources expects to begin drilling shortly on the Middle March property in Arizona. Toltec can earn a 60% interest in the property from West Pride Industries by spending a total of US$2.1 million during a 3-year period. West Pride finished up a dime at the 38 cents level while Toltec added a penny to close at 43 cents.

Dia Met Minerals shed 50 cents to finish at $8.38 in a void of news on the company’s diamond exploration joint venture with BHP-Utah Mines in the Northwest Territories.

Chase Resource did well over the period, hitting a high of $5.63 after announcing a $12.95-million private placement financing. The issue finished at $4.80 for a gain of 80 cents. Chase is developing a large porphyry copper-gold deposit in the Philippines through a 59.9% owned company. ASE-listed Takla Star Resources and Cal Graphite reached a settlement of a $200-million lawsuit brought about by Takla. In return for dropping the suit, Takla will receive 500,000 shares of Cal Graphite plus warrants to purchase an additional 150,000 shares. Cal Graphite gained $1.02 as a result of the settlement, closing at $3.60.