Vancouver Stock Exchange Gold prices have positive effect

Stronger gold prices have turned the Vancouver market much more positive. Also, with tensions building in the Middle East and inflation rising here and in the U.S., there is still room for improvement. Platinum futures have reacted strongly to new European emission standards requiring most cars to have catalytic converters which could also boost gold. At press time, Vancouver’s market index was ahead 12.5 pts to 1,889.6 and volume was moderate. Brokerage month-end for regional houses has depressed prices lately so with that out of the way, there’s plenty of room for the market to advance even more.

Morning Star Resources, which at last report was “investigating new investment opportunities,”climbed 48 cents today to $1.10 and Mikado Resources was 10 cents stronger at $2.25. Mikado has a 50% interest in a gold mill near Ainsworth, B.C., which was to be fully operational by month-end. All the company needs now is some ore to put through it. Celebrity Energy, which has property near Rea Gold’s Adams Lake discovery, was ahead 9 cents to 44 cents . Celebrity recently completed an IP survey on its property.

Rea Gold was one of the heavy hitters over our report period, rising $1.64 to $8.64. Dean Witter recently published a favorable review on the company’s property which probably sparked the buying. Atlanta Gold also posted a respectable showing, climbing 88 cents to $6, and Goldera Resources ended the week 84 cents stronger at $5.64. Atlanta is raising money to develop its gold property near Boise, Idaho. Goldera has been talking production for months at its gold prospect in Arizona and probably will be for the foreseeable future.

Pioneer Metals, which has announced plans to take control of Silbak Premier Mines (N.M., July 27/87) was up 75 cents to $14 and long dormant Calnor Resources, which is associated with the Northair Group and Don McLeod, closed at 90 cents , a gain of 54 cents over the bid last week. Windflower Mining made some waves over our report period and jumped 39 cents to $3.10. The company recently reported 13.1 ft of 2.5 oz gold per ton from its Goldfinch property near Revelstoke. Gerald Ryznar, president, tells The Northern Miner that the main zone appears to have come back in hole No 80 which was drilled to the south.

New listings for the week included: Silbak Premier Mines (formerly British Silbak), Micronesian Mineral Resources, Alpine Exploration, VGM Capital (formerly Vestgron Mines), Lysander Gold, Horton Technologies and Westview Resources.