Vancouver Stock Exchange Metals prices get close watch

With the equity markets in a back-to-business mode after the holiday season, brokers and investors are keeping a close eye on prices for precious and base metals. Gold prices appear to be once again building strength for a base over the US$400 price level, and this means another surge of interest in the senior gold issues. However most base metal prices appear to be easing downward with the perception that construction starts and automotive sales are moving into a downturn.

At noon today, Jan. 10, trading activity on the Vancouver Stock Exchange remained at modest levels. The VSE index was up 2.50 points to 717.16, which represents a gain of 3.24 points from a week ago.

Calpine Resources gained 30 cents to $5.12 today, while Adrian Resources moved up 9 cents to $1.48. Adrian has received copies of inspection reports recommending the DUP 1-3 claims be cancelled in response to complaints filed under the Mineral Tenure Act of British Columbia. If accepted by the Gold Commissioner, this means that the company’s DUP claims near Calpine’s Eskay Creek project will likely become the IKS 1-3 claims. Adrian has an option to acquire a 100% interest in the IKS 1-3 claims from ARC Resources group.

Zuni Energy, the volume leader for the week ended Jan. 9, moved up 7 cents to reach 13 cents . It appears the company issued a sizable number of shares as part of a transaction to acquire a 49% interest in the Gold Peak property near Salmo, B.C.

Miramar Mining jumped $1.10 to reach a high of $3.65 this week, although it was off a dime today. It appears that the company’s 49% interest in the Paymaster property being explored by Newmont Exploration has been generating strong interest locally, in New York and in Europe. Talk on the street is that the Nevada gold project has the makings to become another Round Mountain mine.

To the best of our knowledge, Newmont has not released any public information on this project. One can assume if a significant deposit had been outlined, it would have been bound to report this as a material change in the company’s affairs as required by SEC regulations. But that’s not to dismiss any real potential this property might well have.

Pine Channel Gold got a boost of 23 cents to 78 cents after announcing that a follow-up ground geophysics survey confirmed results from earlier geophysical testing on the lead-zinc- gold-silver prospect in Saskatchewan of Pine Channel and Northair Deception Lake. This project is viewed as a possible massive sulphide find.

Seven Mile High Group was off 22 cents to $2.52 after a unit of Inco dismissed talk that a production decision is imminent on the joint venture Vault gold project near Vernon, B.C.

Suntac Minerals is set to begin a drill program on the Polaris-Taku gold project in northwestern British Columbia. The issued gained a further 9 cents to 45 cents this week.

Interest in Kokanee Explorations has to do with recent work on the company’s Vine project near Cranbrook, B.C. The property is viewed as a gold-rich polymetallic prospect.

Simon Fraser Resources, which recently announced plans to acquire an interest in a non-resource venture, gained 26 cents to 66 cents .