Vancouver Stock Exchange Tundra Gold unchanged

There’s been a significant downturn in Vancouver, reflecting in part the seasonal nature of exploration throughout much of the country and uneasyness over the 91 point free-fall in the Dow Jones Tuesday. Investors are becoming nervous and with good reason. When you look at the multiples some gold stocks are trading at the downside risk becomes very apparent.

Trading heavily at presstime was Tundra Gold which remained unchanged at $5.37 on a volume of one million shares. The company has been funding exploration at Teck’s Lamaque mine which might reopen in the new year. Delaware Resources, which expects to announce reserves for its SNIP property sometime this month, was ahead 38 cents to $9. Delaware and its joint venture partner, Cominco, are planning an underground program this winter. Newly listed Sitka Gold (see story) was unchanged at $1.75 on two million shares. The company will be spending $3 million on its Chichagof mine property in the next year.

Over our report period Chelsea Resources (see front page story) jumped 78 cents to $5.13. The company’s Spotted Horse mine at Lewistown, Montana was opened late last month. It only recently started to promote the project which appears to be well thought out.

Inel Resources, which expects to complete 1,700 ft of drifting on its Inel claim group near the Skyline project in northern B.C., was ahead 49c to $2.85. Gold Texas Resources, whose Granny and Key properties in Washington State are under option to Echo Bay, climbed 45 cents to $4.90. This appears to be a very significant gold discovery. Murray Pezim’s new flagship, Galveston Resources, was 38 cents stronger at $7.38. A fall exploration program is under way at Galveston’s Wawa area property in northern Ontario. International Rhodes was the volume leader over our report period with a 35 cents increase to 78c on 1.4 million shares. The Pezim Group company is spending $1.4 million on a property 68 miles southeast of Prince George, B.C. Noranda is operator and drilling is under way.