Vancouver Stock Exchange Investors standing on sideline

Without much liquidity in Vancouver it’s understandable why most investors are staying on the sidelines until the New Year. Also, gold and oil prices are proving to be quite volatile which has made resource-dominated markets nervous.

By press time the vse index was off 3 points to 1,118 and declining issues outpaced advances by a narrow margin. Among the better performers today was Colossus Resource Equities which was ahead 70 cents to $3.80. Colossus is the result of a merger between Consolidated Dakota, International Wildrose, Mac-Am Resources, and Brigade Resources.

High Level Resources jumped 22 cents to 80 cents and Morning Star posted a 13 cents increase to 40 cents in light volume. At last report High Level was planning to buy a private Alberta oil and gas company. Morning Star is attempting to raise money to market a new type of toilet seat. It will hopefully be “flush” with cash in the near future. (These things can be a drain on cash flow.)

Kam Creed Mines, which last month purchased some mineral concessions in the Ungava area of Quebec, was 12 cents stronger at $1.05 and Wolf River was up 10 cents to 95 cents . In late September, Wolf River announced plans to purchase 25% of Exdiam Corp. which is exploring for diamonds in the U.S.

Over our report period, Xenium Resources posted a $1.90 increase to $4.25. The company has reached an agreement to acquire up to 100% of Remote Equipment Corp. for $2.5 million (US). Acquisitor Mines, which expects to spend $750,000 on its Dubuisson gold property near Val D’Or by March 1, 1988, climbed $1.09 to $5.64.

Hycroft Resources and Development, which has a gold heap leach operation in Nevada, shot up $1 to $7.50 and newly reactivated Wildfire Resources, the volume leader with a turnover of approximately 1.3 million shares, closed the week at 40 cents . The company recently acquired claims in the Battle Mountain area of Nevada. Skyline Resources was down 14 cents to $9.50. The company’s gold project north of Stewart, B.C., is rumored to be at least four months behind schedule because of poor weather. Further clouding the project is Norman Anderson’s departure several weeks ago.