Vancouver Stock Exchange First quarter is normally slow

The first quarter is generally slow in Vancouver and this year is no exception. Weaker gold prices have compounded the situation further, but even at these levels producers can still make a tidy profit. Also, equity markets have been getting a lot of bad press since the crash and people are still apprehensive about investing.

Very active the past few weeks, Racer Resources was 30 cents lower by press time at $3.10. Yesterday the company announced results from the first hole at its Richmond Basin property in Arizona. Racer described the grades as “very low” and said future results would be reported when “an understanding of the implications are clear”.

Baywest Capital, which has ground near Golden Nevada’s Grew Creek discovery (N.M. Jan 18/88) was active but unchanged at 20 cents and Goldbrae Development was 13 cents lower at 82 cents . The latter has been issuing a lot of press releases about a polymetallic mineral discovery near Flin Flon but little news.

Two new listings today represented the largest trading volumes. Jaguar Equities had a turnover of approximately 1.1 million shares and traded at $1.21 compared to an issue price of 35 cents . In about one-third that volume, Richmark Resources was steady at 55 cents . At presstime the vse index was down 7.9 points to 1083.7 and declining issues were slightly ahead of advances.

Over our report period, Centurion Minerals posted a $1.50 gain to $6.25. Earlier this year the company purchased 11 mineral properties from M.A. Hanna of Clevland including the producing Aurora gold mine. International Petroleum, in the Lundin fold, shot up $1.30 to $5.25. Eagle Pass was the volume leader with a turnover of 1.2 million. But it closed 7 cents lower at 60 cents . This is a Pezim Group company (formerly Berle) with ground near Wawa, Ont.

North American Metals, which has been struggling to get approval for a road into its gold property in northern British Columbia ended the week 73 cents higher at $3.15. Pezgold Resources, which has ground in Nevada’s Carlin belt, was ahead 40 cents to $2.60 and the warrants were 30 cents better at 90 cents .