Vancouver Stock Exchange Calpine busy and better

At press time the VSE Index was ahead 1.52 points to 820.09, but off a slim 1.08 points from a week ago. Halley Resources was among the more active issues today, settling back a nickel to 51 cents . The company and its partners are drilling a gold property 2 km east of the Kerr Addison Mine in Ontario.

Calpine Resources was once again the most active trader over our report period, gaining 58 cents to $2.41. New assays were released from the Eskay Creek project north of Stewart, B.C., including a 98.4-ft interval grading 0.589 oz gold and 9.65 oz silver per ton. Calpine’s 50/50 partner, Consolidated Stikine Silver climbed $3.25 to $12.58 and retained its independence as well. Murray Pezim’s bid to acquire 51% of Stikine’s shares was unsuccessful, to no one’s great surprise.

Investor reaction to news that Prime Resources intends to acquire all of Calpine’s shares was a different matter. The issue (Prime) jumped 90 cents to $4.75.

Skyline Gold dropped $3.25 to a new low of $6.50 before settling at $6.75. The company and its 100%- owned British Columbia gold mine had been up for sale for some time, but the company says no “acceptable” bids were received. Most industry watchers say the price tag was simply far too high. In any event, the company is now pursuing a joint venture arrangement with certain senior mining companies.

MacNeil Industrial, still drilling its Spokane gold property near Lillooet, B.C., gained 25 cents to 82 cents . Recent assays from near surface holes include 26.65 ft grading 0.35 oz gold and 16 ft averaging 0.318 oz gold.

Uranium Resources, which just reported a hefty boost in earnings from contract sales of its uranium production, gained 30 cents to $3.35. Pierce Mountain Resources also moved ahead a further 16 cents to $1.46. The company is drilling a property in the active Snow Lake camp of Manitoba.

And Athabaska Gold Resources rebounded 19 cents to $1.42 after announcing that its Nicholas Lake project in the Northwest Territories has a drill-indicated reserve of about 600,000 tons grading 0.38 oz gold per ton.

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