Vancouver Stock Exchange Roxwell Gold among the high flyers

There’s nothing quite like rising interest rates to send tremors through the market. Following New York and Toronto’s lead yesterday, Vancouver tumbled 22.5 points and by presstime it was down another 8.3 points to 1,922.2. The burgeoning U.S. trade deficit has caused a run on the U.S. dollar which could continue for some time yet. That could be bad news for the stock market, particularly gold issues.

Trading activity in Vancouver was moderately active at presstime with several stocks posting significant gains. Among the high flyers was 2001 Resources which climbed 30c to $2. The company has a platinum group metals property in the Kluane district of the Yukon near All-North Resources.

All-North’s Wellgreen property (but not the company) was mentioned in the U.S. publication Business Week (Sept 7) as a new platinum mine in 1989 which is certainly news to us. Galactic and Chevron are also involved in the play. The story didn’t do much to enhance the credibility of Business Week.

Roxwell Gold jumped 25 cents to $1.50 and Mahogany Minerals was 20 cents stronger at $4.70 today. Roxwell has some strategically-located ground in the Courageous Lake area where Noranda/Getty have made a major gold discovery. Mahogany has a 70% interest in the Jolu property in Saskatchewan’s La Ronge area. A new discovery was recently made five miles away.

Grandview Resources posted a stellar performance over our report period, rising 87 cents to $12. The company’s Carson Hill gold mine in California is reaching design capacity and should produce approximately 4,000 oz gold this September. Nice mine and good people behind it.

Black Swan closed the week 75 cents stronger at $11.25. Production should get under way this month at the company’s Gabanintha gold project in Western Australia. Its share of production will be 10,000 oz per year. There are some top- notch people behind this company and we should hear a lot more from them in the future.

Jumping 70 cents to $5.00 was Rex Silver Mines which can earn a 50% interest in a gold property near Flagstaff, Ariz. International Curator also tacked on 70 cents and closed at $4.25. The company is drilling its Sundance property in the Black Hills of Wyoming. It also has some ground under option to Granges near Juneau Alaska. Catear Resources was the volume leader with a turnover of approximately 2.4 million shares. The stock was ahead 36 cents to $1.72.

New listings for the week included: Coventry Ventures, Athabaska Gold Resources, Aabco Ventures (formerly Aabco Oil and Gas), Golden Titan Resources (formerly Titan), Broadway Beverages (formerly Chapel Resources), Red Lake and Sun Valley Resources (a merger), National Scientific Products (fo rmerly Starburst Energy), and Inter Canadian Development.