STOCK MARKETS — 1994 trading helps VSE approach near

Trading and financing approached near records for the Vancouver Stock Exchange in 1994. Financing raised through the exchange totalled $1.27 billion, which, in the exchange’s 87-year history, ranks second only to the $1.36 billion set in the banner year of 1987. Annual volume and value figures were on pace to exceed 1993’s record-setting year, but December’s lull caused trading figures to slow and pull up just short.

The VSE composite and resource indexes were both down for the report period ended Jan. 10. The former slipped 8.44 points to close at 756.20, while the latter fell 65.93 points to finish at 1,221.51.

More than 3.4 million shares traded hands as Bradner Resources climbed as high as 65 cents to close at 62 cents, up 18 cents. The company reported additional results from a third phase of drilling operated by Toronto-listed Consolidated Ramrod Gold at the Bru Lovie gold project in Crescent Valley, Nev. By spending $1.5 million on exploration and land costs, Ramrod can earn a half interest in the property that is jointly held by Bradner and Akiko Gold Resources. Fourteen holes have been drilled in the north-central portion of the Colorback claims, about 1,000 ft. west of a deeper mineralized zone encountered in the first two phases of drilling. Selected intervals from the newly identified shallow, oxidized zone include 45 ft. of 0.051 oz. gold per ton as well as 10 ft. of 0.027 oz. for hole 94-11; 20 ft. of 0.012 oz. for 94-14; 35 ft. of 0.069 oz. for 94-2; and 50 ft. of 0.032 oz. plus 10 ft. of 0.06 oz. for 94-9. Akiko Gold closed at 57 cents, down 23 cents. Drilling is continuing on the property.

Sidon International Resources encountered heavy trading of more than 1.4 million shares to finish down 25 cents at 55 cents. The company is negotiating possible joint ventures and purchases of claim blocks in the vicinity of Diamond Fields Resources’ Voisey Bay copper-nickel-cobalt discovery, along the coast of Labrador.

The acquisition of an option to earn a 70% interest in the Brass Buckle gold property in Newfoundland did little for Major General Resources. On moderate trading, the issue slipped 2 cents to close at 43 cents. The property hosts narrow-width, high-grade quartz veins within a gold soil anomaly measuring 1.3 miles long. The company has budgeted a 1995 exploration program at $65,000.

Crystallex International lost 50 cents on light trading to finish at $3.15. The company announced that recent drilling on the Conductora shear zone, at its Albino property in Venezuela, doubled the gold reserves for that particular zone to 66,462 from 33,457 oz., with an average grade of 0.4 oz. per ton. Crystallex began pouring gold dore bars at Albino in mid-December. An application for trading on the National Association of Securities Dealers Automated Quotation is pending.

A significant upgrade of reserves for Santa Catalina Mining’s Oracle Ridge copper mine near San Manuel, Ariz., was met by a loss of 9 cents to 66 cents. Proven and probable reserves are now estimated at 8.1 million tons grading 2.33% copper for the underground operation — up from a previous 5.2 million tons grading 2.24% copper. The total geologic resource increased to 24.7 million tons grading 2.33% from the previously estimated 9.6 million tons. A recent feasibility study on the operation called for a doubling of the current output of 1 million lb. of copper-equivalent per month. The capital cost of such an expansion is estimated at US$11.5 million. The company expects approval for financing by end of the first quarter.

Murgor Resources continued to climb, closing at $1.85, which was up 14 cents on heavy trading. The company is conducting an exploration program on its Barry Twp. gold property in northwestern Quebec. To finance the program further, the company announced a private placement of 600,000 treasury common shares at $1.30 a share.