Vancouver Stock Exchange: B.C. election slows market pace

Wednesday close, Oct 22 Election jitters have slowed market activity in Vancouver as voters ch ose between a free enterprise government and a socialist one. By noon, the market was moderately active with the index ahead 2.4 points to 1,403.6. Gold prices, which had shown some weakness lately, have started to firm but the outcome of the election could be the determining factor in where the market will be heading in the coming months.

Among the price leaders today was Skeena Resources which jumped 20 cents to $1.07. The company has been exploring a gold property adjacent to Newmo nt Mining’s Maggie Creek mine in Nevada. Skyline Explorations was 14 cents stronger at $1.54 as underground exploration and development continues on its Reg claim group in B.C.’s Iskut River area. Andaurex Resources posted an 11 cents increase to 79 cents and Coast Range was underwritten today but traded 6 cents lower at 84 cents .

Price gainers over our report period included Western Allenbee which was 45 cents better at $3.60. The company recently completed a pilot plant test on tailings material at the Salsigne mine in southern France. Western Allenbee is considering buying the company with the recovery technology for the tailings. Moving 40 cents higher was Grand Teton which closed the period at $1.30. A few days ago, the company announced plans to acquire “a substantial heap-leachable gold deposit in the western United States.”

Consolidated Cinola has come to life lately, rising 30 cents to $4.50 during the week. The company’s low grade gold property in the Queen Charlotte Islands has been enhanced by higher gold prices. Tundra Gold, which is financing exploration work on Teck’s Lamaque gold property, shot up 22 cents to $2.05.

Total Erickson remained unchanged at $2.40 despite the fact it recently concluded an agreement to purchase up to 64% of the Dome Mountain gold project north of Smithers, B.C. Underground exploration and further diamond drilling is planned.

On the basis of volume, Taywin Resources was one of the heaviest traders with a turnover of 726,600 shares, but the stock was down 4 cents to 60 cents . The company recently completed a stripping program on its gold property on Vancouver Island and sample results are expected shortly.

New listings for the week included: Vanex Resources (formerly Moonshine Productions), Trafalgar Resources, Snow Lake Mines, STN Shop Television Network (formerly Caravelle Res), Danbus Resources, Carben Energy and Bavarian Lion Industries. VSE Short Positions

The VSE reports a short position of four million shares and warrants as of Oct 11. Larger positions included: Quartz Mountain 336,200; CIS Technologies 148,700; Happy Res. 135,900 and Windarra 129,700.