Vancouver Stock Exchange Investors await discoveries

Trading activity on the Vancouver Stock Exchange appears to be reflecting the attitude of most retail investors these days; nervous, skittish, and ready to take even marginal profits and run. Local analysts say a brand new, exciting discovery is what’s needed to generate a more upbeat and optimistic attitude among investors. So far the “big hit” remains elusive, despite some promising results from several early stage projects in northwestern British Columbia. Eskay Creek is a one tough act to follow! During our report period ended at noon today, July 17, trading activity remained sluggish as investors continued their “wait-and-see” attitude with respect to this summer’s drill programs. The resource index ended the period down 1.51 points at 553.33, while the composite index was down marginally at 559.79. Drilling results are still awaited from the SIB property in the Eskay Creek region of northwestern British Columbia. Equal partners Silver Butte Resources and American Fibre are funding this year’s drill program aimed at further testing an area where a drill hole at the end of the 1990 program intersected 46.9 ft. grading 0.42 oz. gold and 30.91 oz. silver per ton. The share prices of both companies lost ground over our report period. Silver Butte lost 26 cents to settle at 88 cents while American Fibre slipped a more modest eight cents to $1.02. Yellowjack Resources picked up a healthy 70 cents to reach $1.63, which has most local market watchers scratching their heads. The company has an early-stage copper-gold prospect in southern British Columbia being explored by a unit of Noranda, but so far no results have been announced that would justify the dramatic increase in Yellowjack shares. War Eagle Mining also gained ground over our report period, up 28 cents to $1.29. The company was a high flyer several years ago from drill results at its Idaho gold-silver property, and is still working on the same property. Mixed results were released by partners Eurus Resource and Columbia Gold Mines from ongoing drilling on the Spectrum property in northwestern British Columbia. The latest results weren’t as good as the initial results from this year’s program, which explains why each company lost ground over our report period. Columbia lost 30 cents to 74 cents, while Eurus slipped 35 cents to settle at $1.57. The partners are continuing work on the property, with current activity focused on drill definition of the high-grade Porphyry and QC gold zones, surface prospecting and mapping. Murray Pezim’s Galico Resources released preliminary assay results collected during an initial reconnaissance of the Metla property, also in northwestern British Columbia. This work returned encouraging results. Most investors, however, appear to be sitting back until results come in a diamond drill program which should begin shortly on the property. Galico lost 24 cents to settle at $1.61 over our report period.