Vancouver Stock Exchange Investors wait for better gold price

In any event, trading activity here remains sluggish, particularly as investors note that new fears of a recession have brought down the big boards in New York and Toronto. At press time, non-resource issues were once again dominating trading. The VSE Index was up marginally at 813.64, but off 7.53 points from a week ago.

Among the resource issues, Calpine Resources was ahead 12 cents at $1.95 while Pacific Minesearch lost half its value to 15 cents . American Girl Resources, which is planning a work program for a polymetallic project in southern British Columbia, gained 6 cents to 15 cents .

Dragoon Resources, active on a number of projects in southeastern British Columbia with Toronto- based Greenstone Resources, gained a further 31 cents to $2.96 over our report period. The company says its Millie Mack project has the potential of being a major gold-silver deposit.

Windarra Minerals lost 4 cents to $1.00 despite some extremely positive results from a bulk test taken by partner Muscocho Explorations from the Magnacon gold project in Ontario.

Pierce Mountain Resources climbed 30 cents to $1.30 after announcing the discovery of two new gold zones on its Ferro Mine project in the Snow Lake camp of Manitoba. The company is aiming to prove up 250,000 tons of 0.30 oz gold or better that would be recoverable from an existing shaft.

MacMillan Gold, which recently increased its position in International Damascus Resources to 19% of its issued share capital, lost 15 cents to $2.10. International Damascus’ key asset is a 5,000-acre silver-lead- zinc property near Houston, B.C. to be developed by Granges Exploration.

Belmont Resources recently signed a 50/50 joint venture with Avino Mines & Resources which saw Avino take over as operator of the Wonder silver-gold mine in Nevada. Belmont climbed 11 cents to 71 cents . NRG Resources also moved ahead, gaining 11 cents to 59 cents . The company signed a 20-year lease with Cominco American Resources for exploration and development of its Bullard claims in Arizona.

A number of gold issues lost ground over our report period, among them Doron Explorations, which dropped 36 cents to $1.08 and Athabaska Gold Resources, which lost a further 23 cents to $1.23. Miramar Energy slipped 38 cents to $1.69, despite rumors of a spectacular drill intersection from its Nevada gold project being explored by Newmont.

]]>