Vancouver Stock Exchange Market turns more positive

The Vancouver market has turned a bit more positive. Although gold hasn’t performed too well lately it’s still at a very respectable level. Indeed, the price is well above the cost of production for most Canadian mining companies. But with share prices for these senior issues in the stratisphere, it’s understandable why speculative stocks have become so attractive.

The market reacted negatively Tuesday to the stronger US dollar by dropping 14.6 points. But by today the index had recovered over half that loss and was hovering around 1,852.2. Cornucopia Resources was a standout at presstime with a $1 gain to $8.87 in active trading. The company’s shares were split two for one June 29.

Consolidated McKinney shot up 29 cents to $2.55 and Echo Mountain climbed 24 cents to 95 cents . The dewatering program and test milling operation at McKinney’s Carissa mine property in Wyoming are essentially on schedule, says the company. Echo Mountain has finalized terms to acquire a Vancouver-based plastics firm.

Windarra Minerals, which has a 25% interest in Muscocho Explorations’ Mishibishu Lake property in northwestern Ontario, was 12 cents better at $1.10. High gold values were recently reported there from an underground raise. Face samples for the first 22 rounds averaged 2.2 oz gold over 6.9 ft along 138 ft of raise. British Silbak B class shares were also busy today but they were unchanged at $4.05. The company will be transferring its non-mining assets into a new entity so it will now be a pure resource play.

Over our report period Jim MacNeil’s Angle Resources posted a 90 cents increase to $2.75. Drilling is under way at the company’s Debbie property on Vancouver Island. Some of the results so far have been quite spectacular. Westmin Resources, which can’t seem to drill a hole without getting some gold in it, is operator.

Hemisphere Development, involved in a drilling program with Bow Valley Industries in the Courageous Lake area of the Northwest Territories, ended the report period 75 cents higher at $3.05. The Getty-Noranda play (N.M. July 6/87) has attracted a lot of attention to the area, analogies being made to Hemlo etc. The metal (gold) is the same but that’s about it.

Meanwhile, Epic Resources jumped 60 cents to $4. At last report the company was raising $2.4 million, a portion of which was for exploration and development of its oil and natural gas properties. Monalta Resources, which has extended the deadline for a control change to July 23, was ahead 30 cents to $1.40.

New listings for the week included: Gulf Canada Resources, and Golden Hat Resources.