Vancouver Stock Exchange Consolidation phase blues

The market has entered a consolidation phase which is not surprising given the incredible momentum it’s shown in recent months. This is actually quite normal for this time of year because companies are only beginning to mo bilize for summer exploration programs; and spring breakup has terminated work that began in the winter. So there’s really not too much information coming out to move the market one way or another.

By presstime the VSE index was ahead 4.1 points to 1988.42 and trading activity was heavy. Nighthawk Resources, the volume leader today with a turnover of 3.5 million shares, was 19c stronger at $1.24 and Humboldt Energy managed a 3c gain to 35c. At last report Nighthawk was involved in a gas drilling program in Arkansas. Humboldt is 42%-owned by Orbit Oil and Gas which has ground in the vicinity of the Caroline natural gas discovery in Alberta.

Also in good volume, Eastmaque Gold moved ahead 25c to $7.38 and Golden Band (a new listing) climbed 10c to $1.70. Just over a week ago, Eastmaque announced that its Cargo Muchacho heap leach project in California was essentially completed. The first gold production is expected this May.

Posting one of the larger gains over our report period was Hycroft Resources which is involved in a heap leach operation in Nevada. The company’s stock was $1.75 stronger at $13.25. Pioneer Metals, whose gold property near Flin Flon, Man. will be in production later this year, shot up $1.38 to $12.38 and Technigen Platinum regained some of its recent losses, climbing 75c to $9.75. Technigen has apparently satisfied regulatory concerns about a golf simulator it is marketing.

Armeno Resources, which recently acquired oil and gas interests in the three western provinces, jumped 65c to $2.35 and Valar Resources was 62c better at $1.15. Valar is involved in an anthracite coal project in Ireland. British Silbak A and B class shares moved up 40c and 55c to $3.90 and $4 respectively. The company’s stock has been very active since Westmin Resources announced a production scenario for the Silbak and Big Missouri properties near Stewart, B.C.

West Rim Resources, which is exploring its Burnt Basin gold- silver property near Trail, B.C., tacked on 47c to $1.82 and Comanche Petroleums, the volume leader with a turnover of 1.4 million shares, was ahead 2c to 52c.

New listings for the week included: Sanderson Technologies, Resolute Resources, Fancamp Resources, Englefield Resources, Pacific Star Communications (formerly Tangent Oil and Gas), Canwest Trustco, Grandex Resources and Abbey Woods Development (formerly Goldenlode Resources).