STOCK MARKETS — Market steady despite news about gold,

Despite a dip in the price of gold and disappointing results from the group of Northwest Territories diamond explorers, the Vancouver Stock Exchange remained little changed during the week ended Jan. 5.

The VSE resource index posted a modest loss of less than two points to close at 665.09, while the composite index managed to gain more than 14 points, finishing at 642.44.

Investors were disappointed with drilling results on ground held by Commonwealth Gold and its joint venture partners, TSE-listed SouthernEra Resources and Aber Resources.

The companies reported that small quantities of microdiamonds were found in two of the remaining five kimberlite pipes drilled on their Lac de Gras ground in the Northwest Territories.

Commonwealth lost 52 cents on more than 4.2 million shares, finishing the week at 85 cents.

The companies noted that only eight targets have been drill-tested to date, with a further 30 targets requiring evaluation.

The news threw a bit of cold water on the market’s diamond binge, with a number of diamond-related issues taking hits.

Joint venture exploration partners Kettle River Resources, Dentonia Resources and ASE-listed Horseshoe Gold Mining all lost ground. Kettle River closed down 70 cents at $2.30, Dentonia lost 40 cents to finish at $1.25 and Horseshoe dipped 25 cents to $1.04.

Other diamond-related issues reporting losses included Winspear Resources, down 20 cents at $1.15; Almaden Resources, off 10 cents at $1.15; and Kalahari Resources, with a loss of 15 cents at 80 cents.

Numerous other diamond explorers were little affected by the news. After an initial drop to $1.75, Lytton Minerals touched a new high of $2.11 before closing at $2.07 for a gain of 2 cents. Texas Star Resources also hit a record high, finishing at $4.40 for a gain of 60 cents.

Meanwhile, the potential for gold discoveries in the Kilometre 88 area of Bolivar State, Venezuela, continues to generate market action. Mt. Grant Mines, which owns or has an interest in a number of property concessions in the area, added another 53 cents to finish at a new high of $5.38.

The company recently added to its holdings, picking up a 60% interest in certain gold concessions that Carson Gold owns or is in the process of acquiring.

Mt. Grant will fund the property to feasibility in return for the 60% interest and can increase its ownership to 70% by arranging third-party financing.

Carson closed down a dime at $1.50.

Crystallex Resources, which recently formed a joint venture with Eurus Resource, hit a new high of $2.88 for a net gain of 44 cents on the week. Eurus can earn a 50% interest in Crystallex’s Kilometre 88 ground by assuming property payments and funding exploration and development to feasibility. Eurus added 4 cents to close at $1.22.

Skyline Gold Mines continues to amaze. The issue touched another new high of $1.75 for a gain of 20 cents. The company recently released assay results for three 40-lb. samples taken from the company’s Johnny Mountain underground mine in northwestern British Columbia. The three samples averaged 1.80 oz., 1.01 oz. and 0.64 oz. gold per ton, respectively.

Skyline closed the Johnny Mountain mine in September, 1990, after only two years in operation, leaving the company more than $28 million in debt. The mine does have high-grade veins, but the veins pinch and swell, and are broken up by extensive faulting.

Goldways Resources, which saw its stock jump 61 cents to a new high of $1.60, was unable to attribute any material change to the price increase. Sutton Resources also recorded a new high, closing up 75 cents at $6.88. BHP Minerals International recently announced plans to proceed with an option to earn an interest in the company’s Tanzanian nickel concessions by funding them to a production decision.