Vancouver Stock Exchange Halley gains on Newfields’ deal

A stronger US dollar, talk of higher interest rates and a weaker gold price — the usual culprits — are being blamed for keeping investors on the sidelines of most North American Exchanges, including Vancouver. Recent activity on the VSE can only be described as weak as investors continue a “wait and see” attitude.

At presstime the VSE Index was down 4.09 points at 1023.05 with 136 advancers, 194 decliners and 376 issues unchanged. Jazzman Resources was the most active issue, up 2 cents to 51 cents . The company is working a property near Gulf International Minerals’ McLymont project in the Iskut river camp of British Columbia. Another active trader was International Dorado Resources which gained 7 cents to 50 cents . The company recently acquired two new B.C. properties: one near Huntington Resources’ discovery at Vernon and another in the Atlin region surrounding the Golden Bear deposit.

Halley Resources was the most active issue over our report period, gaining 5 cents to $1.45. Newfields Minerals recently agreed to option 40% of Halley’s 50% interest in the Howey gold mine project located in the Red Lake mining district of northwestern Ontario.

Canadian-United Minerals moved ahead 17 cents to $1.23. This week the company reported assays as high as 28.4 oz silver per ton and up to 1.5% lead and 3.5% zinc from its Fireweed project near Smithers, B.C. Visible sulfide mineralization was encountered over a 58 ft apparent width, the company says.

The forces of gravity appear to have affected the share prices of companies active in the Mishibishu Lake area of Ontario. Central Crude dropped 75 cents to $8.50 on low volume, while MacMillan Energy slipped 5 cents to $2.85.

Delaware Resources, involved with Cominco Ltd. on the advanced Snip gold project in B.C., dropped 58 cents to $6.00 while Mega Gold Resources gained 17 cents to $1.09 on news that it had resumed negotiations with a major US mining company for work on its Nevada mineral property.

Star One Resources, which is working a property directly across the B.C./Alaska border from the Premier gold project, gained 4 cents to 62 cents while Univex Mining gained 16 cents to $2.95. The company said it had received “encouraging assays” from its J. P. Group property near Terrace, B.C.