The overall market trend in Vancouver is decidedly neutral. Sharp losses in New York and Toronto were not duplicated here, probably because Vancouver is so heavily gold oriented. And the yellow metal has really stabilized at around $460 (US). Determining when the seasonal downturn will occur is the big question now. Certain stocks will drop as the exploration season winds down which could happen in the next month.
Two new listings: Claimer Resources and Bordeaux Resources were the volume leaders at presstime. They traded at 88 cents and 65 cents respectively. Capella Resources resumed trading today at 31 cents and Nighthawk was ahead 21 cents to $1.71 in good volume. The latter recently agreed to participate in a placer gold project in California. Nighthawk is predicting a cash flow of $150,000 (US) per month from eight wells in Arkansas’Arkoma Basin. Hallmark Resources was up a dime to $1.98. The company says it has completed a private placement to fund development of its quarry and gold-silver mining operation in Arizona.
Posting one of the largest gains over our report period was Centurion Minerals which tacked on $2.25 to $12. The company recently exercised an option to purchase 11 mineral properties from M.A. Hanna Company of Cleveland. Also coming on strong was Black Swan which jumped $1.50 to $13.50. The company’s Gabanintha gold project in Western Australia will be officially opened this October. It has other advanced stage properties there which should boost gold production even more in the next few years.
Equinox Resources moved ahead $1 to $4.50 following news of a high grade gold discovery at Cominco Resources Buckhorn mine in Nevada (N.M. Sept 21/87). Equinox has a 23.6% interest in the mine. Bar Resources, which has a nice 20% net proceeds interest, was 85 cents stronger at $1.80. Bar had this property originally. Then it was put into Bethlehem Copper which was taken over by Cominco. Bar hasn’t been promoting the property because it has not received any money from Cominco yet.
Heavily promoting its platinum property in the Yukon’s Wellgreen area, 2001 Resources jumped 85 cents to $4.60 while placer miner La Teko Resources ended the week 85 cents stronger at $4.60. Zuni Energy was the volume leader with a turnover of 1.6 million shares. The stock closed 17 cents higher at $1.71. Zuni recently secured a $1.2 million private placement to drill its Sabourin Creek claims near Val d’Or Quebec.
New listings for the week included: US Grant Gold Mining (formerly Hellenic Resources), Surf Inlet Mines, Ritz Resources, Winex Resources, Wild Rose Resources, Leeward Capital (formerly Simba Resources), and Trove Resources.
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