Vancouver Stock Exchange Market loses earlier volatility

While the Vancouver market has lost some of its earlier volatility, the over-all trend is still positive. Many investors are taking profits and this has led to some significant declines, particularly among speculative gold issues.

The decline in the U.S. dollar, which has abated somewhat, partly because of Japanese intervention, has certainly helped gold. But the dollar’s recent strength could be short-lived given the negatives in the U.S. economy. So gold’s upward climb might not be over yet.

At presstime the Vancouver index was ahead 2.4 points to 1410 in mixed trading. Skyline Explorations, which over our report period tumbled $4.75 to $8, recovered somewhat and was trading at $9.63 on a volume of 121,100 shares. The company recently published reserves for its Reg property (see separate story), the majority of which is drill-inferred. Skyline expects to be back on the property in the next month.

Armeno Resources, which a month ago said it was negotiating for some oil and gas properties in the three western provinces, was 45 cents better at $2 and Highland Valley Resources, which has been exploring and developing a gold property near Oliver, B.C. was stronger at 95 cents .

Galveston Resources, Murray Pezim’s new flagship, was a star performer over our report period, climbing $1.87 to $12.50. The company is involved in a large gold exploration project near Wawa, Ont.,(N.M., Jan 19/87). Moving $1.30 higher to $5.75 during the week was Caldera Mines which is taking over an electronics company. No doubt, a name change will be considered.

Total Erickson Resources posted a $1.05 increase to $4.40. This should be a good year for the company, which operates two gold mines — one in the Yukon and the other at Cassiar, B.C. Both its milling operations are brand spanking new. Cornucopia came on strong, rising 80 cents to $4 on news it has acquired a large land position in the prolific Carlin gold belt. Berle Resources, which is participating with Galveston in its Wawa project, was the volu me leader with a turnover of 1.6 million shares. The stock was ahead 6 cents to 68 cents .

New listings for the week included: Marlin Developments (formerly Loredi Resources), Tab Ventures Corp., Com-Air Containers (formerly Black Diamond Resources) and Recco Research.