Vancouver Stock Exchange Juniors languish awaiting gold rally

At press time the VSE Index was off marginally at 804.84 points, but up 1.31 points from a week ago. Montello Resources gained 4 cents to 90 cents today from a private placement to raise funds for its joint-ventured (with International Dorado) project in Arizona. Porphyry copper and gold vein deposits are the main exploration targets.

Two companies with a somewhat rocky past were among the few resource issues active today. War Eagle Mining was down 11 cents to $1.33, while Chelsea Resources gained 8 cents to 58 cents .

Fairchild Gold Corp., headed by Lou Wolfin, was the busiest issue over our report period, gaining 2 cents to 84 cents . The company completed a large underwriting for work on projects ranging from placer mines in B.C. and Nevada, to a high grade gold mine it hopes to bring back into production in Oregon.

And yes folks, Murray Pezim is once again going Hollywood. Consolidated Goldwest Resources, a Prime Capital company, is negotiating to acquire control of a California company that has the rights to a “superior” process to convert black and white movie film into color. The issue gained a modest 15 cents to $1.20 on good volume, but the news raised more than a few eyebrows among those who recall the Pez’s promise to stick only to resource ventures. Prime is rumoured to be experiencing a cash crunch, although we weren’t able to confirm this at press time. In any event, they do have some big financial backers.

Pine Channel Gold gained a further 25 cents to 97 cents . The company is raising money for its share of drilling costs on the joint-ventured Ithingo Lake gold project in Saskatchewan.

Cautious investors appear to have brought about a $1.00 drop in the share price of Continental Gold Corp.; the issue settled back to $5.38 after reaching a high of $6.50 last week. The company is continuing delineation drilling on its Mt. Milligan copper-gold project near MacKenzie, B.C., and we gather a number of majors are giving the project a look-see, which in itself is not unusual.

Bert Applegath’s Oneida Resources gained 23 cents to $1.04 after announcing that it sees a potential bulk tonnage gold target on its recently-acquired Mexican Hat prospect in Arizona.

Cosmos Resources gained a nickel to 25 cents after reporting a preliminary agreement with a major company to develop its 50%-owned gold property in Nevada.

And Ronrico Explorations lost 4 cents to 30 cents , which we hear was brought about by a sell-off of its flow- through shares.

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