Vancouver Stock Exchange Columbia, Camfrey show gains

Trading picked up somewhat during the period ended July 2 with investors awaiting results from recently started drilling programs. The composite index gained more than 18 points to close at 570.35, while the resource index added 7.58 points to finish at 558.34.

Camfrey Resources put in an impressive performance, jumping by 46 cents to $2.20. The company, however, was at a loss to explain the price movement.

With drilling under way at the Spectrum gold project in northwestern British Columbia, Columbia Gold Mines managed to rebound to a high of $1.20 from last week’s close of 90 cents. The issue finished the period at $1.07.

Eurus Resource, which is funding the $1-million program at the Spectrum property as part of a 50% earn-in, closed the week up by 20 cents at $2. Eurus is also proceeding with a widely spaced stepout drilling program at its Rock & Roll joint venture in northwestern British Columbia. The project is a 50-50 joint venture with Thios Resources, which finished at 39 cents on 710,000 shares.

As expected, shareholders of El Condor Resources and Covenant Resources approved the proposed amalgamation of the two companies on the basis of one share of El Condor for each share of Covenant.

Strangely, the two issues are not trading at the same price; Covenant closed at $3 and El Condor at $2.82. Stephen Millen, an El Condor director, attributed the discrepancy to a wide spread between bid and ask on the two issues.

Akiko-Lori Gold did well during the period, closing up by 55 cents to $3.05. The company recently announced an agreement with Gold Fields Canadian Mining to undertake exploration and development of resource properties in British Columbia.

The release of drilling results from the Brewery Creek project in the Yukon seemed to help Loki Gold, which added 21 cents to close at $1.26. Loki is earning a 49% interest in the property from Noranda. Drilling is under way at the SIB claims where owners Silver Butte Resources and American Fibre plan to follow up the final hole of last year’s drilling program. The hole cut 47 ft. grading 0.42 oz. gold and 30.9 oz. silver per ton. Both issues remained unchanged at the $1.30 level. NDU Resources gained back some lost ground, finishing up by 24 cents at $2. The issue recently touched a high of $2.88 after the company released wide zinc-lead-silver intersections from its Blende property in central Yukon. Drilling is continuing with Billiton Resources funding this year’s $2.5-million program to earn a 50% interest in the property.