Vancouver Stock Exchange Trading volumes are way down

Volumes were way down on the Vancouver Stock Exchange this week compared to the previous week. Only one issue — Tundra Gold Mines — traded more than a million shares. Last week Tundra traded more than twice that and all five on the most active list topped the one million mark.

Tundra gained 34 cents to close at $2.19 this week after touching $2.50. It’s still keen on the good results joint venture partner Teck Corp. is getting at the Lamaque gold mine property near Val d’Or, Que. Tundra has an option to earn a 50% in certain parts of that property not including the former mine workings or the mill.

Cornucopia Resources traded 381,200 shares and moved up 35 cents to close at $3.90. Cornucopia and Galactic Resources plan to conduct a deep drilling project on Cornucopia’s Ivanhoe property along Nevada’s prolific Carlin gold belt. Galactic can earn 50% of Cornucopia’s interest in the property as the two try to duplicate American Barrick Resources’ success with the same strategy on its Post mine just down the road.

Galveston Resources, a Murray Pezim company, was up 50 cents to $5.50 on 100,800 shares. It just bought 900,000 shares or 12% of International Rhodes Resources, another Pezim company. International Rhodes is active with Noranda in the Swayze area of Ontario and was held up in the early 1980s as an example of a junior mining company providing the funding and a senior company providing the expertise for mineral exploration. Rhodes was up 14 cents to 64 cents on 117,500 shares.

An indication of just how contrary the market is lately is Faraway Gold Mines’ down 44 cents to close at $2.35 on the week after trading 177,200 shares. Faraway would have been a good candidate to move up after the first hole in a 20,000-ft drill program on its property near Houston, B.C., returned some reasonably good gold, silver and zinc values in massive sulphides.

Algo Resources was up a nickel to 35 cents on 133,600 shares. It’s working in the Adams Lake area of B.C. near the Rea Gold, Minnova discovery.

Silverado Mines was up 34 cents on 36,800 shares to close at $2.35. It’s been getting some good results from drilling on its Ethel zone near Fairbanks, Ala. The zone is near the Grant gold mine where Silverado has also been getting some encouraging results.