Vancouver Stock Exchange Wait-and-see attitude towards gold

Vancouver market watchers were buoyed by news that bargain hunters were out in full force in Toronto, generating a rebound among otherwise sound issues that had been battered by gold’s drop below $400. Current thinking, wishful or otherwise, is that if even a modest rally continues in Toronto, it will carry over to Vancouver after month’s end. As long as gold doesn’t break below $380, many feel the worst may be over and gold-oriented stocks may start to bounce back off their lows. Over-all, however, the market was quiet, indicating a wait- and-see attitude.

The VSE Index had dropped 1.88 points at 864.06 at press time, with 124 advancers, 172 decliners and 382 issues unchanged. Doron Explorations was the most active issue, gaining 8 cents to $1.03. The company announced an agreement to acquire 100% of Tally-ho Exploration’s interest in the La Forma mine near Carmacks in the Yukon. Kamad Silver, which has a property in the Adams Lake area of B.C. being drilled by Esso Minerals, gained a nickel to 35 cents .

Skyrocket Exploration and Resources was the most active issue over our report period, losing 8 cents to 10 cents . The company plans to continue drilling under an old adit on its Stave Lake property not far from Vancouver, B.C. The company views the property as having potential to host a large tonnage disseminated gold deposit. War Eagle Mining gained 5 cents to 65 cents on heavy volume after announcing it would begin an accelerated reverse circulation drill program on its recently expanded gold project in southwestern Idaho. Noront Resources, which is acquiring an interest in several Ontario properties including some in the Mishibishu Lake camp, gained a nickel to 84 cents .

Footwall Explorations gained 17 cents to 87 cents after reporting some impressive values (4 ft of 22.58 oz gold and 4 ft of 10.38 oz gold) from claims near Zeballos, B.C. The company has an earn-in option with Falconbridge.

Pezgold Resources, a Prime Capital company which has at least five joint-ventured properties in the Iskut River area of B.C., moved ahead a dime to 90 cents .

Southlands Mining Corp., operator of the Frasergold property in B.C., lost 7 cents to 43 cents , perhaps due to the ongoing dispute with partner Eureka Resources. Control of the project is the issue at stake. Univex Mining also dropped, losing 29 cents to $1.50. The company has a 30% interest in a gold property near Carcross in the Yukon and a project near Terrace, B.C.

Vanwin Resources slipped a further 5 cents to 19 cents , while American Reserve Mining, active on its Paymaster gold project in Timmins, Ontario, bounced back 30 cents to $1.50. Magna Ventures, still working its Doc property in northwestern B.C., moved ahead 2 cents to 47 cents .