Vancouver Stock Exchange Bettered VSE plunges to new low

Ramcor Resources was moderately active today, although the issue declined 3 cents to 39 cents . The company has a minority interest in a Quebec property where a recent nickel discovery was made. Diana Resources, which has claims nearby, lost 3 cents to 17 cents . Diana and associated company Fancamp Resources recently signed a joint venture letter of intent agreement with Corona Corp. relative to their Guyenne Township property in Quebec.

American Pacific Mining was the volume leader over our report period, holding its ground at $3.35. The company operates a profitable polymetallic mine in Honduras. Curragh Resources was looking an acquiring an equity interest in the company, but we gather the deal is off.

Most issues took a drubbing over the past week, including Murray Pezim’s heavily promoted Calpine Resources which fell 26 cents to $1.23. Prime Resources also lost considerable ground, dropping 75 cents to settle at $1.90.

Continental Gold lost $1.02 to $4.10, although some of this can be attributed to a recent article in The Globe and Mail which noted that analysts are suggesting investors take a wait-and-see stance with respect to the company’s Mt. Milligan gold-copper project near Prince George, B.C. While most agree the project is certainly one of the more promising exploration bets to appear in recent months, many feel the company is jumping the gun by talking mine talk without having an independent positive feasibility study in hand.

Eric Friedland’s new company Fairbanks Gold also took a beating, losing 85 cents to $1.80. The Forbes feature articles on the VSE particularly slammed charismatic promoter Robert Friedland for a variety of mostly nebulous (but very colorful) transgressions. Friedland’s Galactic Resources has a 48% interest in the very successful Ridgeway gold mine in South Carolina, however this positive news didn’t rate a drop of ink.

Consolidated Goldwest Resources, a Prime Capital company, slipped 14 cents to 35 cents . The company recently announced it had entered into discussions with Fairbanks Gold with a view to acquire an interest in certain mineral properties in Alaska.

Dragoon Resources, which had been enjoying good investor support for some time with its exploration activities in British Columbia, was another casualty of the lets-dump-Vancouver-stocks binge. The issue lost 59 cents to $1.80.

Fair Harbour Mining Corp. was one of the few junior mining issues to gain ground, moving up 7 cents to 45 cents . The company says it has started an exploration program on its base- precious metals property near Prince Rupert, B.C. The program involves reconnaissance work and diamond drilling of a previously- discovered massive sulphide zone.

O’Hara Resources was ahead 4 cents to 23 cents after announcing that its Flumehouse gold mine in California is now in the initial production phase. The company and its partners are hoping to turn out 1,000 oz of gold per month.

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