Vancouver Stock Exchange Adrian, Canarc, Eurus stabilize

Whether the Vancouver Stock Indices were following gold down or just following through with last week’s drop is debatable. In any event, the Composite and Resources Indices put in dismal performances. The Composite Index shed about 28 to 691.49 while the Resource Index plunged 37 points to 735.93 for the week ended Aug. 28.

Gold seemed to take a cue from oil prices over the period with crude falling over US$4 per barrel on news that OPEC would increase production. The lack of gun fire in the Gulf has also been cited as reason for the yellow metal’s poor performance as its price lost US$20 per oz.

Some issues did stage rebounds from last week’s plunge including Adrian Resources which many Vancouver players blame for the market’s skittishness. Adrian bounced off the $4 level to over $4.50 before settling at $4.35.

Canarc Resources, which holds ground adjacent to Adrian, levelled out over the period finishing virtually unchanged at the $2.20 level.

Eurus Resources, another nearby player, also stabilized after last week’s slaughter, rising 4 cents to finish at $1.53.

The annual general meeting for Stikine Resources passed without any fireworks as Corona shut out Placer Dome from the board of directors.

The street is rampant with theories on how Placer might gain control over the rich Eskay Creek property, with the foremost being a takeover of Prime Resources, the operator of the project.

Corona recently announced that it had increased its stake in Prime to 43.1%. Prime finished the week down 3/8 at $6.50.

Bellex Mining continues to appear in the most active list, with over 1.3 million shares changing hands. The issue pared some of last week’s gains, dropping $1.18 to finish at $2.51 as investors await drilling results from the company’s JW claims.

Bellex’s partner, Quattro Resources, followed suit, sliding $1 5/8 to $8.

Drilling results from the Toodoggone area of British Columbia boosted El Condor Resources and St. Phillips Resources.

St. Phillips added 20 cents to finish at 60 cents while El Condor rose 40 cents to close at $2.70.

Drilling on the first hole of the Kemess joint venture intercepted 575 ft. (starting at surface) grading 0.019 oz. gold per ton and 0.27% copper. The companies report that a visual inspection of subsequent holes yet to be assayed indicate that the mineralized area is in the order of 600×1,200 ft. and is open in all directions.

Seven Mile High Resources continued to slide after its recent relisting. The issue finished the reporting period at $1.25, compared with a high of $1.99 reached after it regained its listing two weeks ago.

Gulf International Minerals added 26 cents to its price to finish at $1.25. The company recently released a progress report on its Inel joint venture with Avondale Resources. There are also unconfirmed reports of good drilling results from Gulf’s McLymont Creek property.

Drilling results from the Blende property reporting more wide intersects of lead-zinc-silver did not seem to help NDU Resources, the issue slipping 30 cents to finish at $1.60.

Enthusiasm for Placer’s run at Continental Gold seems to have cooled somewhat, the issue dropping $1 1/4 over the week to $16 7/8. Placer recently offered Continental insiders $20 per share for their stock.