Vancouver Stock Exchange (November 11, 1991)

The month of October returned the best trading performance of the Vancouver Stock Exchange in more than a year, with volume up 5% from September and 23% from the same period last year. The value of shares traded for the month was up marginally from September at $340 million, and ahead by 32% from October, 1990.

For the week ended Nov. 5, the composite index gained 13.37 points to close at 573.26; the resources index followed suit, rallying 20.36 points to finish at 531.61.

Taseko Mines staged a strong performance, jumping $2.25 to $9.87. The company recently completed a 9-hole deep drilling program on its Fish Lake project southwest of Williams Lake, B.C., and is now searching for potential buyers. The program identified a preliminary reserve of 600 million tons grading 0.32% copper and 0.016 oz. gold per ton.

Drilling results from the Gibbs gold property in California prompted buyers to push up the price of Dessir Resources. The results included a number of high-grade intersections including a 76-ft. section grading 2.01 oz. gold, 24 ft. grading 3.54 oz. gold, and 37.5 ft. grading 1.96 oz. gold. The issue touched a high of $3.35 before settling at $2.75 for a gain of 30 cents. Dessir is completing a 50% earn-in on the property from a private company. Dessir has scheduled a meeting with local mining analysts which should shed more light on the geological and technical aspects of the project. Springer Resources remained among the top traders with more than 2.3 million shares changing hands. Additional drilling results from the Unuk River project in northwestern British Columbia returned generally low values, with the best hole intersecting 14 ft. grading 0.07 oz. gold and 1.12 oz. silver. Following a 50% earn-in by Granges, Springer will hold a 37.5% interest while Cove Resources will hold the balance. Cove closed up two cents to 14 cents. A move to acquire exploration ground in Jamaica prompted some activity in Tantalus Resources. The issue traded more than 1.7 million shares to finish up a nickel at 53 cents.

The move to Jamaica follows that of another Prime-managed company, Golden Ring Resources, which acquired a property in the country. Golden Ring, which more than doubled its share price following the acquisition, remained unchanged at the $1.30 level. Investors await the start of a planned exploration program.

Toltec Resources is about to start an initial 17-hole drill program on the Middlemarch project in Arizona to test a number of base metal and silver targets. The company is earning a 60% interest in the property from West Pride Industries. West Pride finished up a nickel at 26 cents while Toltec closed down four cents at 36 cents.