Vancouver Stock Exchange GKelan highlight of a slow week

In fact activity in many of the volume leaders over the past week (Rococco Resources, Forum Beverages, Pineridge Capital, Nu-Lady Gold and Lazarus Distributors) is attributed to interest in various non- resource ventures. Nu-Lady, however, was halted by regulatory authorities pending clarification of its somewhat nebulous affairs.

At press time the VSE Index was off 3.14 points to 803.53, although up 7.94 points from a week ago. Ramcor Resources, which has a stake in a property where an interesting nickel find was made in Quebec, gained 10 cents to 60 cents . Pine Channel Gold was also ahead today, up 15 cents at 87 cents after announcing its intent to earn a 60% interest in the Ithingo Lake project in Saskatchewan.

Kelan Resources was among the busier issues over our report period, climbing $1.90 to $2.31. The company is acquiring a property near the Calpine/Consolidated Stikine Eskay Creek project. Why so big a price jump for a simple property acquisition? Perhaps because of new ties to Rococco and Fircrest Resources which have both posted large gains in recent weeks after moving into non-resource ventures.

Last week’s excitement generated by interest in the Quebec nickel find settled back as investors realized drilling would have to be done before its significance can be determined. Two associated companies active nearby, Diana Resources and Fancamp Resources, lost ground. Diana was off 5 cents to 20 cents while Fancamp slipped 2 cents to 23 cents . St. Phillips Resources, which has a stake in the discovery claims and in Ramcor Resources, lost 35 cents to $3.30.

Continental Gold reached $6.50 before settling back to $6.38, up $1.13 from a week ago. The company is exploring a large porphyry copper-gold system near MacKenzie, B.C., which may or may not prove to be a mining operation. Because of their mega-project potential, however, porphyry copper-gold systems have become an important exploration target in the province.

Ballatar Explorations, which recently signed an agreement to earn a 60% interest in the Shumagin gold-silver deposit in Alaska, gained 40 cents to $2.30. The project has reserves of 281,000 tons grading 0.524 oz gold and 2.25 oz silver.

Tenajon Resources, which is trying to buy out its former partner’s interest at the SB property near Stewart, B.C., gained 18 cents to $1.14.

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