Vancouver Stock Exchange Investors turn to speculative stocks

It’s been another record-breaking week on Vancouver. Trading volume has reached levels last seen when gold was twice the price it is today, suggesting perhaps the market is anticipating an uptick. In any event, senior gold stocks have appreciated sharply in recent weeks particularly on Toronto and Montreal. So speculative stocks on Vancouver are starting to look more and more attractive. By presstime the market index had breached the 1600 level and was hovering around 1606.7, about 7 points higher than yesterday’s close. British Silbak B shares were trading at $2.30 representing a 20 cents gain for the day. The company is involved in a gold property near Stewart, B.C. which seems certain to be developed by Westmin Resources (N.M., Mar.9/87).

United Global, which has been up and down like a yoyo in recent weeks recovered somewhat and was 30 cents stronger at $1.34 while Tundra Gold was active but unchanged at $2.30. Tundra is involved in a joint venture with Teck Corp at the Lamaque mine property. At the PDA convention in Toronto Teck exhibited a sample from the property which contained visible gold, a not too common occurrence there.

International Petroleum was a high flyer over our report period, jumping $2 to $6.50.The company was recently awarded a petroleum exploration license in Papua New Guinea. Grandview Resources, which has a gold heap leach mine in California closed the week $1.38 stronger at $11.38.

Posting a $1.25 increase to $13.38 was Skyline Explorations which expects to begin developing a gold mine north of Stewart this year. Other companies are beginning to move into the region and it’s shaping up as a major area play.

Pioneer Metals shot up $1.13 to $6.38. Already a profitable gold producer, the company is developing a second gold mine near Flin Flon, Man.This one will be a conventional underground operation. Its mine in Idaho is a heap leach operation. Rising $1.25 to $9 was Highland-Crow Resources which recently made a significant new discovery on its Pickle Lake property in northwestern Ont. That particular discovery was away from the Pickle Lake shear structure a predominant feature on the property. Greenwell Resources, which at last report was negotiating the purchase of $100 million in U.S. real estate assets on a share swap basis, was the volume leader with a turnover of 2.4 million shares. The stock was ahead $1.10 to $1.58.