STOCK MARKETS — Witte offer, Voisey Bay keep VSE on its toes

Western markets paused for a breather during the report period ended April 25, with the Vancouver Stock Exchange resource index slipping 3.33 points to 1,261.46. The composite index continues to track upwards; it posted a 8.35-point gain to 761.73.

The takeover offers for the Kemess properties in British Columbia, combined with a further wave of property deals in the Voisey Bay area of Labrador, continue to add spice to the market.

South Kemess, owned 60% by El Condor Resources and 40% by Toronto-listed St. Philips Resources, is subject to a takeover offer by Toronto-listed Royal Oak Mines and Geddes Resources. El Condor, which would receive $4.90 per share plus one-third of a Royal Oak share, traded as high as $5.50 before finishing up 75 cents at $5.25. The deal is contingent on various forms of financial assistance from the province of British Columbia, partly as compensation for the 1993 expropriation of Geddes’ Windy Craggy copper property in the northwestern corner of the province.

The principals of El Condor are developing other copper-gold projects, including the Fish Lake copper-gold porphyry owned by Taseko Mines; the Casino copper-gold porphyry owned by Pacific Sentinel Gold; and the Harmony gold project (formerly Cinola), in which Romulus Resources is earning a half interest.

The Kemess news sparked interest in all the issues. Taseko traded as high as $14 before closing down 50 cents to $11.50; Pacific Sentinel jumped to $1.80 before finishing up 34 cents at $1.40; and Romulus closed up 26 cents at $1.80.

Junior explorers are continuing their stampede to the Voisey Bay area of Labrador, where Toronto-listed Diamond Fields Resources made its big nickel-copper-cobalt discovery.

International Silver Ridge Resources announced the acquisition of 180 claims in the area, prompting a 35 cents jump to $1.

Trading in Consolidated Samarkand Resources was active, with more than 1.6 million shares changing hands, pushing the issue up 11 cents to 30 cents. The company announced the acquisition of 356 claims northwest of the Voisey Bay discovery.

Olympic Resources, which is negotiating to acquire a large claim block in the Voisey Bay area, added 19 cents to finish at 59 cents.

Murray Pezim’s Tapestry Ventures and Star Dance Resources both announced separate acquisitions of additional Voisey Bay area ground. Tapestry now has 497 claims in the Voisey Bay and Harp Lake areas, while Star Dance holds 307 claims and intends to acquire additional properties in the area.

Tapestry closed down 3 cents at 70 cents, while Star Dance dipped 3 cents to 33 cents.

Other active issues in the Voisey Bay area include Taurus Explorations, which gained 14 cents at 44 cents; New Golden Sceptre Minerals, up 20 cents at 46 cents; Alberta-listed Celtic Minerals, up 12 cents at 80 cents; and First Western Minerals. which jumped 44 cents to 74 cents.

Additional drill results from the Barry Twp. property in Quebec were not much help to owner Murgor Resources, which slipped 8 cents to 42 cents. Assays included a 10.3-ft. intersection grading 0.24 oz. gold per ton.

Mountain Province Mining continues to trade healthy volumes. More than 2 million shares changed hands, leaving the issue unchanged at $5.63. Investors are still awaiting full results from core analysis of the first kimberlite intersection on the company’s AK property in the Northwest Territories. The hole returned some impressive micro and macrodiamond counts from selected portions of the core, prompting a big runup in the share prices of the joint-venture partners in early April. Mountain Province holds a half interest, while Camphor Ventures holds 10% and Alberta-listed Glenmore Highlands owns the balance. Camphor closed up 30 cents at $4.15; Glenmore slipped 13 cents to $5.13.