LMX among big traders

With 1987 coming to a close most investors are out of the market and are setting strategies for next year. Not surprisingly, some are still licking their wounds from the Oct 19 crash and it will take a while before investor confidence returns to the market. It could be a good year coming up for Canadian markets which are generally resource driven. Gold breached the $500(US) level a few weeks ago and base metals, particularly copper and nickel, are at their highest levels in years. And interestingly enough few people understand why these metals have been rising. (When the experts are confounded can real prosperity be that far away?)

Among the heavy traders today was LMX Resources, a new listing, which recorded a turnover of 500,000 shares in early trading. Skylark Resources posted one of the largest single increases, rising 85 cents to $3.15 and Goldbrae Developments was ahead 17 cents to $1.15. The latter has several properties including strategically-located claims in Nevada’s Carlin gold belt and a silver property near Greenwood, B.C. Goldbrae is involved with Westfield Minerals in a significant polymetallic (gold-silver-zinc) discovery near Flin Flon, Man.

TRV Minerals, which has gold properties in Saskatchewan’s La Ronge area and also near Hedley, B.C., moved 10 cents higher to 55 cents and Prescott Development climbed 5 cents to 60 cents . Prescott is in the munitions business which is probably attractive to investors wishing to shell out money for such a venture.

Over our somewhat abbreviated report period, Grandview Resources posted a $1.37 increase to $8.50. Yesterday alone the stock gained $1.64. The company is being taken over by a large Australian mining concern, Western Mining. Ferber Mining, which claims to be producing gold and silver at its custom mill near Tonopah, Ariz., jumped 80 cents to $3.65.

Murray Pezim’s Destiny Resources dropped $2.24 during the week to $3.25. The latest results from Destiny’s Windjammer project 65 miles east of Timmins were not as good as some of the earlier ones but still quite respectable. Wildfire Resources was the volume leader with a turnover of approximately 2.4 million shares. It was unchanged at 23 cents . The company, which was recently reactivated, has an option on claims in Nevada’s Bald Mountain area.