STOCK MARKETS — Labrador play sends waves throughout western markets

Western markets cooled over the reporting period ended May 16, 1995, with the Vancouver Stock Exchange resource index edging up 4.08 points to 1,302.61 while the composite index tacked on 1.84 points at 792.87.

Although Voisey Bay-related activity has become somewhat muted, a few late entrants to the play are stirring up interest.

Plans to acquire mining claims in Labrador prompted Donnar

Resources not to proceed with a previously announced

consolidation of share capital. The issue closed up a whopping 95 at $1.16.

September Resources also did well, jumping 24 to 75. The

company plans to acquire claims in Labrador through agents in Newfoundland in return for staking costs plus the payment of certain fees to the agents, in cash and shares.

September’s price move was met with a 182,500-share increase in the issue’s short position to 250,000 as of May 12.

Word that Peruvian Gold is negotiating to acquire several groups of claims in the Harp Lake area of Labrador helped the issue add 19 to close at 95.

Solidor Resources acquired 140 claims in the Voisey Bay area of Labrador, about 35 miles southwest of Diamond Fields Resources’ hot discovery. The issue added 11 to finish at 40.

A 1-for-5 rollback hurt Avino Mines & Resources. The company, which has changed its name to International Avino Mines, finished at $2.35, compared with its preconsolidated price of 66. Avino undertook the rollback to aid it in raising money for its

Bralorne gold mine development in southwestern British Columbia with joint-venture partner Bralorne-Pioneer Gold Mines.

Bralorne-Pioneer finished down a penny at 69.

A proxy battle is brewing at Minefinders. A group of investors holding more than 500,000 shares is petitioning shareholders to replace Minefinders’ current management with a new slate. The dissident group points out that the current officers and

directors of the company own a total of only 1,000 shares and allege that management has attempted to direct technical

operations, which are largely beyond its expertise. The issue edged up 14 at $2.35.

Glimmer Resources plans to exercise its first right of refusal with Hemlo Gold Mines to acquire the remaining half interest in the Hislop Twp. property. Glimmer will pay Hemlo $150,000 before May 24, and the balance of $2.85 million before the end of this September. The company believes mining could start up as early as next year and that operating profits in the order of $10 million per year can be realized. Glimmer finished up 15 at 90.

A private placement of 1.1 million units at 40 each will give Atna Resources exploration funds for work on its Yukon, British Columbia and Labrador projects. The issue finished off a penny at 49.

Calais Resources hit a high of $2.75 before settling at $2.25 for a gain of 95. The company released grade values ranging up to 2.8 oz. gold per ton over 7.2 ft. for several old shafts on its newly acquired Sopressa III concession in Mexico. Calais points out that data from the underground workings were derived from old documentation, as well as word of mouth, and therefore cannot be confirmed.

Results from an initial program of drilling on the Rio Liri

concession in Panama did not help Arlo Resources, which is

earning a half interest from Adrian Resources. The drilling

outlined a new zone of gold mineralization, returning grades of up to 0.09 oz. gold over 45.9 ft. Arlo finished down 30 at

$1.20.

Participants on the AK property in the Northwest Territories continue to back-track as investors digest diamond count results.

Joint-venture partners Mountain Province Mining, Camphor Ventures and Alberta-listed Glenmore Highlands have released results from portions of the discovery hole and three other delineation holes on the 5034 pipe. Complete results from any single hole are still awaited and investors took the opportunity to do some selling, pushing Mountain Province down 40 to $4.40 and Camphor down 35 to $3. Glenmore tacked on a nickel to close at $3.90.