Vancouver Stock Exchange Greenwood sale boosts Rimacan

With gold prices marginally weaker, the Vancouver market has softened somewhat and at presstime was off 2.3 points to 1097.5. This is typically a slow period in Vancouver and reflects the seasonal nature of exploration in most parts of the country. Many companies are refinancing for summer exploration programs which often generate investor interest and greater liquidity for their stock.

Among the better performers today was Rimacan Resources with a turnover of 268,000 shares for a 2 cents rise to 27 cents . The company recently agreed to sell some mineral claims in the Greenwood area of B.C. and will probably concentrate on its retail business from now on. American Reserves Mining, which is planning to explore the old Paymaster mine at Timmins, shot up 26 cents to $1.96 and Shakwak Exploration, with interests in the Yukon, was ahe ad 2 cents to 50 cents .

Over our report period, Newhawk Gold climbed 80 cents over the previous week’s bid price to $5.50. The company’s largest corporate shareholder is Lacana Mining which is being merged with International Corona. There has been talk that Newhawk might also end up in the Corona fold. Newhawk recently released new reserves for its Sulphurets property. West zone reserves now stand at 1.5 million tons grading 0.51 oz gold and 20 oz silver. (They are actually calling it a mineral inventory.)

Silkridge Resources posted a 75 cents increase to $2.80. Drilling is scheduled to begin this month on the company’s CBS claims. Silkridge is involved in the reverse takeover of a Norwegian company with interests in fish farming. (They plan to scale up activity in the future.)

Empire Gold Resources managed a 25 cents gain to $1.85. It recently took an option on some lode and placer claims in California. An oil and gas issue, Carmelita Petroleum ended the week 40 cents higher at $1.30. Potentially productive oil and gas zones have been encountered at a property it holds in Texas. One of the zones occurs in the Austin Chalk which came to prominence during the oil and gas boom in the early 1980s.

North American Metals, the subject of a takeover offer by Homestake Mining, was steady at $4.80 and Central Crude, active in the Mishibishu area of Ontario, slipped 5 cents to $2.27. Echo Mountain Resources was the volume leader with a turnover of 2.1 million and closed at 18 cents .