Vancouver Stock Exchange Market quiet despite gold’s move

Despite an upswing in the price of gold during the week end the VSE composite index showed little movement, finishing at 566.61 The resource index fared better, adding 14.43 points to close at 55

Gold’s move to the US$372 level has investors wondering if this is breakout from the precious metal’s long sleep below US$360. A repor selling by gold producers at the US$370 level has traders optimistic Cavelti, president of Cavelti Capital Management of Toronto, recent predicted gold would advance to US$400-410 by year-end.

NDU Resources put in an excellent showing on the week, gaining 77 c close at $1.95. Billiton Resources recently started a 40,000-ft. dri program on the company’s Blende property in central Yukon. Drilling outlined a preliminary reserve of 12.6 million tons grading 3.0% le zinc and 1.5 oz. silver per ton. Billiton may earn a 50% interest i property by spending a total of $4.3 million.

Top trading spot over the period was taken by Tundra Gold Mines wi than 8.1 million shares changing hands. The issue closed up two cen nickel. The company recently released results from drilling on its Break property in Quebec. The best hole returned a 6.2-ft. intersec grading 0.19 oz. gold. Placer Dome is earning a 60% interest in the by spending a total of $2.7 million on exploration.

Chapleau Resources was also active during the week, trading more t shares for a gain of three cents to close at 34 cents. The company increased trading activity in the stock to its Chapleau property ne David/Lew claims being explored by Greenstone Resources and Dragoon The properties are near Cranbrook, B.C.

Eurus Resource recently reached an agreement with Columbia Gold Mi earn a 50% interest in that company’s Spectrum/Hawk property in ret million in expenditures. Drilling on the property last year encounte excellent gold values over wide widths. Columbia finished the perio cents at $1.06, while Eurus finished unchanged at $2.05.

Unexplained forces continue to push Valpar Resources skyward. Valp cents over the period to close at $2.28. The company issued a press stating it was not aware of any material changes which would accoun market activity. Valpar previously announced that a private company to take over the company at 19.25 cents per share.