Vancouver Stock Exchange Prime group companies big movers

Once again, Prime group companies dominated trading activity on the Vancouver Stock Exchange for the week ended April 24. Even through Eastern equity markets are still reeling from the Bank of Canada’s decision to hold firm on its high interest rate policy, the VSE remained relatively active because of important new developments involving Murray Pezim’s group of companies. At midday, May 25, the VSE index was at 747.05 points, with most of trading activity still involving companies active in the “Golden Triangle” of northwestern British Columbia.

The excitement continues to be focused on the Eskay Creek project north of Stewart, B.C., which is proving up to be a jewel box of a deposit with good values in gold, silver, lead, zinc and copper. Pezim’s Midas touch has once again turned into a real bonanza for Corona (TSE) which moved to secure control of the high-grade deposit through a share swap that will result in it acquiring 44.6% of a new company formed from the merger of Prime Resources Group and Stikine Resources.

Prime and Stikine each owns 50% of the Eskay Creek property where a new mineralized zone similar to the 21 zone was recently discovered. Recently, Prime was up 12 cents to $7.37, while Stikine gained $1.25 to reach $59.25.

Now that Eskay Creek appears to be safe in Corona’s corner, investors are turning their attention to other projects in the Eskay Creek region. Many of these are held by Prime group companies that will soon be collectivized into a single entity, which Pezim calls “Son of Prime.” All Prime shareholders will receive shares in the new company when Prime and Stikine are merged.

Adrian Resources, which has title to two of three highly prospective claims adjacent and contiguous to the Eskay Creek deposits, was the most active issue this week, up 87 cents to reach $2.95.

This Prime group company recently announced a reserve calculation for one of its claims which covers a staking gap between Eskay Creek claims held by Prime and Stikine. Adrian is still facing a lawsuit for title to claims making up its SKI project.

Tamavack Resources, another Prime company with prospective ground near Eskay Creek, gained 6 cents to 26 cents. Tamavack and partners Calvada Resources and Consolidated Powergem Resource jointly hold a 100% interest in a 9-claim property, although six of the claims are subject to Section 35 complaints. Work will begin on the three claims where ownership is not disputed this summer. Calvada gained 4 cents to 12 cents and Consolidated Powergem moved up 6 cents to 25 cents.

Solomon Resources, the lead company in the “Golden Triangle Fund,” gained 24 cents to $1.51. Solomon is involved in a consortium made up of 10 juniors associated directly or indirectly with Stikine Resources. They have joined forces to raise about $4 million for a variety of exploration programs in northwestern British Columbia.

Consolidated Goldwest Resources edged up 11 cents to 68 cents. Prime recently announced it had purchased additional shares in this company to boost its holding to 17.51%. Consolidated Goldwest has a large property package in the Galore Creek camp well north of Eskay Creek.