STOCK MARKETS — Trading value on VSE reaches a 6-year high

Reflecting strength in both gold and diamond issues, trading value of $675 million on the Vancouver Stock Exchange during May was the highest since September, 1987.

The daily average volume of 26.6 million shares during the month represents a 25% increase over April and an 82% increase over May, 1992. Daily value at $33.8 million represents a 48% increase over April and a staggering 162% increase over May, 1992, a source of much cheer for local brokers.

For the period ended June 8, the composite index edged up two points to 981.18, the resource index jumped more than 68 points to finish at 1,274, and gold edged up US$4 to the US$374 level.

Gold exploration issues continued to do well over the period with Canarc Resource vaulting to a high of $4.15 before settling at $3.85 for a gain of 55 cents.

Canarc recently added to its stable of Latin American gold properties with the acquisition of an option to earn an 80% interest in a concession in Suriname.

Miramar Mining, which has a 60% interest in a gold property nearing production in Nevada, shot up 76 cents before being halted at $2.25. The company is in the final stages of negotiating the purchase of a group of companies which control long-life gold and silver production in North America. Renewed interest over gold exploration prospects in the Crescent Valley area of northeastern Nevada helped Coral Gold. The issue hit a new high of $1.44 before backing off to $1.16 for a gain of 17 cents.

Amax Gold is earning a 60% interest in Coral’s Robertson property, north of Placer Dome’s Pipeline gold discovery, and has returned wide gold intersections at depth. The company is awaiting assay results from near-surface drilling on another zone on the property.

Prime Resources Group and Homestake Canada announced plans to sell 1.9 million shares of Prime Equities International to Murray Pezim for an aggregate total of $3.64 million, payable in for quarterly instalments starting June 30.

Prime edged up 30 cents to finish at $3.15.

Plans to acquire a 50% interest in the mineral rights for a 150-sq.-km diamond property package in the Schweizer Reneke area of South Africa helped Auromar Development.

The issue gained 55 cents to close at $2.30.

Rattler Resource jumped 80 cents to close at $1.38 after reaching an agreement to acquire a 100% interest in seven claims covering 15,000 acres in the Molanosa Arch area in Saskatchewan.

Rattler plans to joint-venture a one-third interest in the property to Reimer Resources; terms are currently under negotiation. Reimer added 16 cents to close at 39 cents.

Diamond Fields Resources took a hit, losing $2.25 before closing at $7.75. The company recently completed the purchase of two sea diamond concessions off the coast of Namibia. Diamond Fields is also negotiating to acquire all the issued shares of Exdiam, owner of a one-third interest in Arkansas Diamond Development which, in turn, is one of four companies bidding on future mining proposals for the Crater of Diamonds in Arkansas. Partners in the DHK group marked time while investors awaited further results from work on the WO diamond claims in the Northwest Territories. Dentonia Resources lost 62 cents at $7.88, Kettle River Resources slipped $1.25 to $15.50 and Alberta-listed Horseshoe Gold Mining slipped 12 cents to finish at $8. Each company holds a 11.7% carried interest in the property. Depressed copper markets have not been a boon to Kookaburra Resources which has solvent extraction-electrowinning projects on the drawing board. The issue slipped another 13 cents to close at $1.12, down from the $1.60 level of about a month ago.