Vancouver Stock Exchange Midland leads rebounding market

Activity in Vancouver is also picking up, albeit on a more modest scale. Brokers are noticeably more upbeat and say investors are out looking for juniors with good mineral projects and a good chance at success. On the other hand, juniors with poor prospects are beginning to wither on the vine.

At press time the VSE Index continued a recent upward trend and gained 2.17 points to 703.38, up 17.28 points from a week ago. Trumark Resource Corp., a particularly active issue this past week, was off 3 cents to 79 cents today. The company says recent negative publicity about the VSE is hindering its efforts to complete a real estate venture in Las Vegas, Nev.

Inter-Globe Resources lost 8 cents to 54 cents . The company has a substantial interest in the Gibellini project in Nevada which is reported to contain a 10.9 million ton deposit containing 0.43% vanadium.

Midland Gold Corp., a resource company active in Chile, Costa Rica and Ecuador, was up a dime to 35 cents today. The company has plans to consolidate its shares and change its name to Minera Rayrock Inc.

Albert Applegath’s Oneida Resources gained 24 cents to close at $1.40 on good volume over our report period. Placer Dome has an option to earn an interest in Oneida’s Mexican Hat gold property in Arizona.

Prime Resources continued to rebound this week, adding a dime to settle at $2.35. Cominco Ltd., Prime’s partner at the Snip gold project in British Columbia, is expected to make a production decision by October this year.

Calpine Resources was up 9 cents at $1.41, but as usual its price performance was eclipsed by partner Consolidated Stikine Silver which gained 88 cents to close at $8.38. The companies each own 50% of the Eskay Creek gold project in northwestern British Columbia where a geological reserve estimate of 2.8 million tons grading 0.23 oz gold and 3.34 oz silver was announced. The companies say this entire resource, which has a high grade core near surface, appears to be mineable by open pit methods at an approximate 6:1 strip ratio. A 1,000-tonne- per-day operation is envisioned.

Mandalla Resources, now in the real estate business, gained 54 cents to $1.15. Athabaska Gold moved up 8 cents to settle at 50 cents . The company is working a promising gold project in the Northwest Territories.

Bema Gold Corp. is set to begin production at its Champagne heap leach mine in Idaho after raising about $2.8 million in Europe. The issue gained 22 cents to $1.32.

Fenway Resources, which recently made a development and production financing proposal to operate a gold-silver leach mining project in Arizona, was up a dime to 95 cents . Hallmark Resources also has a stake in the project which contains a open pit reserve reported at 2.4 million tons grading about 0.08 oz gold. Hallmark was up 15 cents to 40 cents .

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