Vancouver Stock Exchange Resource issues continue to slide

As long as interest rates remain high, and gold prices remain below $400(US), brokers expect that investors will continue to sit in the bleachers until they have the right economic signals. At press time the VSE Index slumped a further 3.46 points to 795.82, off 26.29 points from a week ago.

Rococco Resources was one of the busier issues today, gaining a nickel to 60 cents . The junior is one of several companies looking for epithermal gold east of Clinton, B.C.

Fircrest Resources, an associated company active in both exploration and technology, climbed 20 cents to $4.00 after posting gains all week. The company recently acquired a B.C. gold property near Calpine’s Eskay Creek project which it says has stream sediment anomalies in gold, mercury and arsenic.

Star One Resources was up 8 cents to 49 cents on news of a management change that saw John Toffan (chairman of Consolidated Stikine Silver) become president. Star One is working a gold project next to the Premier Gold Project near Stewart, B.C.

Calpine Resources was easier over our report period, losing 25 cents to $2.09. Investors appear to be somewhat bewildered by all the corporate maneuvering of late.

Goldrite Mining gained a nickel to $1.45. The company recently acquired a gold property in Idaho 15 km from the Beartrack deposit which is reported to have 36.9 million tons grading 0.055 oz gold. A number of companies (FMC Mining, Bond Gold, Corona to name but a few) are also reported to be looking for gold in this hot exploration camp.

Continental Gold, which is to soon merge with United Lincoln Resources, was ahead 70 cents to $4.15. A Canadian Press report out of Prince George, B.C., quoted Continental President Robert Dickinson as saying Mt. Milligan had enough reserves to justify a $150- $200 million mining operation.

Athena Gold gained 9 cents to $1.98 on news that recent drilling has expanded geological reserves at its Talapoosa gold property in Nevada to 13.4 million tons of 0.053 oz gold equivalent using a 0.02 oz cutoff.

A number of active issues lost ground over the past week; among them Dragoon Resources which settled back 30 cents to $3.20, and McNeil Industrial which dropped 16 cents to 96 cents .

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