Vancouver Stock Exchange Market active due to bargain hunting

Another quiet week, characterized by consistent low volumes and a general lack of interest in the market, has come and gone on the VSE. Brokers say investors are staying on the sidelines because there is still too much volatility with gold prices, oil prices and other general economic indicators. Consequently, most market activity in Vancouver is attributed to bargain hunting.

But with economic growth clearly losing steam in Canada and the United States, many experts are now saying there is no longer any reason to keep interest rates high. Brokers are crossing their fingers because lower interest rates mean cheaper money — and more investors moving into the stock markets.

At press time the VSE Index was down 3.45 points to 860.46, with 135 issues up, 171 down and 368 unchanged. Goldbelt Mines was ahead 11 to 78 . The company and Hycroft Resources & Development plan to amalgamate with Granges Exploration.

Star One Resources, still working its gold property in the Alaskan Panhandle, gained 6 to 93 while Ronrico Explorations, active in Quebec with its Simkar project, gained 9 to 53 .

U.S. Precious Metals was among the more active issues over our report period, gaining 4 to 79 after completing a financing. The company is involved in a number of projects in the U.S., including the Mother Lode deposit in Nevada which is expected to be placed into production by N.A. Degerstrom.

Colossus Resource Equities, which has about a 51% in Delaware Resources, dropped 24 to $3.05. O’Hara Resources is gearing up to begin placer mining on it leases near Camptonville, Ca. The issue gained 13 to 60 .

Consolidated Andex jumped 35 to 80 and War Eagle Mining climbed a further 14 to 79 . Lightning Creek Mines advanced 16 to 19 after completing a financing to continue work on several properties, among them a gold project adjacent to the Golden Bear deposit in northwestern British Columbia.

Although Rococco Resources has several mineral properties, it plans to acquire an industrial concern. The issue gained 2 to 20 . Oil City Lubricants moved into the resource field earlier this year when it made a deal with Central Crude to earn into the Pilot Harbour property in the Mishibishu Lake camp. After reporting that Hemlo Gold Mines would be assuming the option in order to earn 50% of the property by spending $1.0 million, the issue moved up 4 to 38 . At that point, Central Crude would have a 10% carried interest and Oil City the remaining 40%.

Doron Resources, active on a number of projects in the Yukon and northwestern British Columbia, gained 14 to $1.09. MacMillan Energy, partners with Granges Exploration on a large gold property in the Mishibishu Lake camp, climbed 27 to $2.45.