Vancouver Stock Exchange Pezim companies dominate trading

Heavy exploration activity in Northwestern British Columbia for both gold and copper and the promotional abilities of Murray Pezim, can be collectively credited with generating the lion’s share of recent trading activity on the VSE. In any event, by press time the market index was off one-third of a point to 801.5 although several issues performed fairly well despite the generally negative tone to the market.

Moving 35 higher to $2 was United Lincoln which is promoting its Mt. Milligan copper-gold property (N.M., Dec 5/88). Continental Gold, a 69% shareholder in Lincoln, was unchanged at $2.90. It’s been speculated that Continental’s marketing effort for Mt. Milligan is an attempt to divert attention from its highly touted Trophy gold prospect which, to this point, has fallen somewhat below expectations.

Murray Pezim’s Calpine Resources (a Prime Capital company) was a heavy trader today with a turnover of 437,000 shares. It was 14 higher at $2.50. Prime Exploration President Chet Idziszek said the “drill was smoking” at its Eskay Creek project north of Stewart, B.C. Assay results should be available in the next two weeks; six holes had been completed by press time in the latest drill program.

Another Prime Capital company, Golden Nevada came to life, jumping 20 to $1. Apparently it’s negotiating a property in the Iskut River area. Meridor Resources, a Hughes- Lang company which has been drilling a property in the Iskut area, was 12 better at 87 in good volume. The company says its property hosts the extension of a significant gold deposit found by Golden Band and Delaware.

A few weeks ago we said that Galactic had taken a share position in War Eagle Mining. The company taking the position was Ivanhoe Capital which Robert Friedland is associated with. That deal has since been terminated. Friedland denies that Galactic or an affiliated entity or person he is aware of has shorted War Eagle stock.

Over our report period, Vananda Gold was ahead 40 to 97 . The company has teamed up with Freeport McMoRan to explore for gold on a former copper-producing property on Texada Island near Vancouver. Several other majors are in the area, namely Echo Bay and BP.

Tanqueray Resources, which controls a 46% interest in the Little Stull property in Manitoba, posted a gain of 10 to 95 . Westmin Resources recently completed about 46,000 ft of drilling at the gold project.

War Eagle Mining posted a gain of 17 to $1.22, a far cry from its glory days ($8 per share) a few short weeks ago.