Vancouver Stock Exchange (March 16, 1992)

A review of trading activity in February for the VSE indicates that the market retained much of its momentum from January, with 381 million shares traded at a value of about $401 million. The trading volume and value represent an increase of 23% and 38%, respectively, compared with the same period in 1991.

Bleak times have befallen the exchange’s resource index. At its recent level of 527.45, the index posted a 7.7% drop from the end of February, 1991. The dearth of activity on the resources front is evident by surveying the volume of news releases: non-resource issues outpace resource issues by more than two to one.

Trading action during the period centred on Akiko-Lori Gold, which saw more than one million shares trading hands. The company is currently drilling on its 25% Springpole project in northwestern Ontario with partners Gold Canyon and Gold Fields Mining. Akiko managed to gain 16 cents to finish at $2.15, while Gold Canyon added a penny to close at $2.50.

St. Jude Resources took a hit, plunging 69 cents to 86 cents. Following a trading halt, the junior noted it was unaware of any material changes in the affairs of the company to account for the drop.

Copper-gold explorer Taseko Mines announced a $7.144-million private placement at $10 per share for the funding of a bankable feasibility study on the Fish Lake project near Williams Lake, B.C. The issue, which was expected to close March 15, includes 4-month purchase warrants exercisable at $10 per share which could raise an additional $7.144 million. Taseko plans to qualify the shares for resale by way of a prospectus. The issue finished at $10.75, down 25 cents on 158,500 shares.

International Musto paused for breath after some impressive gains in previous weeks. After hitting a record high of $9.63, the issue finished unchanged at $9. International Musto has an option to earn a 100% interest in a large porphyry copper-gold deposit in Argentina. Preliminary estimates put reserves at about 340 million tons grading 0.5% copper and 0.017 oz. gold per ton. Trading in garnet miner Hawkeye Development heated up with almost 300,000 shares changing hands. The issue hit a 52-week high of $9 before settling at $8.75 for a gain of $1.63. Shortsellers seem to see opportunity in the runup, as evidenced by the 19,700-share increase in the short position to 395,900 shares as of March 6.

Inca Gold did well, adding 24 cents to finish at 74 cents following the release of initial drilling results from the Tyro gold property in Mohave Cty., Ariz. The drilling is testing a 4,000-ft.-long, gold-mineralized structure and returned a number of high-grade values over narrow intervals as well as lower-grade values over widths of up to 100 ft. Inca is earning a 50% interest in the property from Etruscan Enterprises, which finished the week unchanged after being offered at 70 cents.