Vancouver Stock Exchange Vancouver market sluggish

If the past week’s action on the Vancouver Stock Exchange were likened to a member of the animal kingdom, the beast most likely to come to mind would be a slug. The market has been unable to shake its lethargy, despite renewed signs of live in eastern markets. The composite index continues to trail sideways at the 750-level, trading at about 753 on Wednesday morning May 9.

Stikine Resources played catch- up during the week ended May 8, reaching a record high of $61 1/8 before settling back to $59 1/2. Prime Resources, Stikine’s partner in the rich Eskay Creek property located north of Stewart, B.C., also hit a historic high of $8 per share before falling back to $7.50 by May 8.

Richland Mines leapt from a 10 cents-bid-no-offer hibernation to $1.09 on over 1.7 million shares. It would appear that the shell has been taken over by new management.

Westsea Developments was active over the period reaching a high of 85 cents before closing at 69 cents. The company recently announced a 50% earn-in on six of Goldbelt Mines’ Galore Creek properties north of Stewart, B.C.

Kap Resources dropped 45 cents during the week, closing at $4.55. The company is exploring a highly promoted iodine/nitrate property in northern Chile with partner Atacama Resources. Atacama traded recently at $2.25 per share, well off its high of $6.50, while Kap is off a high of $8 5/8. One would have to wonder if iodine and nitrate are as marketable as gold or silver.

Most active during the period was Canalaska Resources, trading 2.4 million shares. An issue of 2.1 million shares at 75 cents underwritten by Yorkton Continental Securities explains most of the volume.

PBX Resources was another active trader during the period jumping 39 cents to 74 cents on over 1.8 million shares. The company recently announced the acquisition of two mineral claims in the Unuk River area, 20 km southeast of the Eskay Creek deposit.

Bern Brynelsen, developer of the Brenda mine, has surfaced with a new company, Seine River Resources. The company plans further exploration on its Mine Center property in Ontario with the proceeds of its recent new issue.

A change of management and a property acquisition have boosted Croesus Resources from the 25 cents- level to 50 cents.

Grand America Minerals put in an impressive performance over our period, jumping over 40 cents to $1.26. The company has claims in the Mount Milligan area of north- central British Columbia and recently announced some management changes.

The exchange halted Sutton Resources during the period after the stock jumped a further 60 cents to $2.60. This is up from the $1.25- level a month ago. The company responded to the halt, stating that there were no material changes to the company which would explain the market action. The company did note, however, that announcements in April may have attracted investor attention. Sutton is attempting to acquire four properties, one in Guyana, one in Tanzania and two in Thailand.