Vancouver Stock Exchange Pezim revives beleaguered VSE

Pezim’s stable of companies, which include Calpine and Prime Resources, has generated the bulk of trading activity on the VSE in recent weeks even though gold prices still aren’t at comfortable levels for many investors.

At press time the Vancouver Stock Exchange was off 3.63 points to 754.37, but ahead 18.05 points from a week ago.

Recent results from the Eskay Creek project have been a shot in the arm for companies with properties in the immediate area which is now called the Unuk River gold camp.

This week’s volume leader, Adrian Resources, has started a work program on its claims located contiguous to Calpine’s discovery. This property is believed to have good potential for strike extensions of the 21 zone, which explains the recent trading activity that boosted the company’s share price $1.12 to $1.90.

To secure its property, Adrian has option agreements with two parties contesting title to the claims. The Northern Miner learned that a number of complaints have been filed with the Gold Commissioner regarding the staking of certain claim blocks in the Eskay creek region.

Prime Resources gained 42 cents to $3.15, although the issue slipped a dime at press time to settle at $3.05. The Prime group currently has 39.2% of Calpine’s issued and outstanding shares.

In a deal that has puzzled some investors, cash-strapped Prime recently agreed to a share swap with Corona Corp. that will result in Corona increasing its stake in Prime to 28%.

Corona will receive 10 million Prime shares (plus an option to buy 3.0 million more at $2.50 per share) while Prime will receive 2.0 million C orona Class A shares. The deal is viewed as a good one for Corona — especially if the Eskay Creek project lives up to expectations.

Calpine Resources gained $1.28 to reach $5.88 after announcing results from step-out hole 109. Although intervals making up the intersection varied in grade, the hole averaged an incredible 0.875 oz gold over 682.2 ft.

Consolidated Stikine Silver owns a 50% interest in the Eskay Creek project. Stock in the company is tightly held, consequently the issue reached a new high of $32.25.

Springer Resources has interests in about 50,000 acres of ground in northwestern British Columbia, including ground near the Eskay Creek project being explored by Granges Inc. Springer moved up a dime to 50 cents .

Recent trading activity in Solomon Resources is attributed to the company’s announcement that it can earn a major working interest in two separate claim groups near the Eskay Creek project. One of the properties is reported to be underlain by stratigraphy similar to rocks hosting the Eskay Creek deposit. Solomon gained 85 cents to $1.45.

Silver Butte Resources and American Fibre Corp. are reporting encouraging results from their 50/50 joint-ventured SIB claims that adjoin the Eskay Creek property. The companies say six zones have been identified on the property to date, with the zones containing mineralization occurring in rhyolites, fragmentals and shales as stockworks, brecciated fillings and disseminations up to 98.4 ft long and 16.4 ft wide. Silver Butte gained 39 cents to 99 cents while American Fibre moved up 20 cents to 96 cents .

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