Vancouver Stock Exchange Eurus, Thios prices in retreat

The Vancouver Stock Exchange indices took a breather over the week ended March 13, 1991, after the past month’s mini-rally. The composite index inched up about five and a half points to finish at the 559 level, while the resource index back-tracked 18.76 points to close at 576.19.

Partners Eurus Resource and Thios Resources continued their retreat over the period as investor hopes of spectacular drilling results become dimmer.

Eurus shed 37 cents to finish at $1.98, while Thios closed down 16 cents at 60 cents.

The companies are drilling a massive sulphide target on the Rock & Roll property in the Iskut River area of northwestern British Columbia, and although some good results have been returned, they failed to cut the consistent ore-grade values the market is hoping for.

El Condor Resources added 40 cents during the period, closing at $2, while St. Phillips Resources followed suit by tacking on a 28 cents gain to finish at $1.02.

El Condor will continue drilling this summer on a large gold- copper porphyry system discovered on the South Kemess property in north-central British Columbia last year. El Condor and Kennecott, in a 60-40 joint venture, are earning a 60% interest in the property from St. Phillips.

Kalahari Resources was recently resurrected by Albert Applegath who has taken over as president. The issue finished the week at 68 cents, up nicely from the 15 cents-level.

The company plans to start a prospecting and geophysical program on its Keystone project in South Dakota shortly, and is in negotiations to acquire heap leach prospects in Mexico.

Quattro Resources continued to defy gravity over our report period by adding a further 60 cents to finish at $3.65. The company recently announced Murray Pezim will assist the company in financing efforts.

Asiatel Media added 12 cents over the week, finishing at 41 cents. Prime Equities recently announced it had acquired 737,000 shares, or about 12% of the issued and outstanding shares of Asiatel. Asiatel recently optioned the Middlemarch property in Arizona.

The completion of Prime’s financing deal with a major mining company has still not been announced, although the companies are reportedly still at the table. Prime Equities remained unchanged at the $1 level.

The potential development of a large nickel reserve on the Tanzanian Kabanga project, optioned by Sutton Resources, appears to be helping the issue. Sutton continued to push ahead, closing at $4.70 for a gain of 55 cents.

With production finally under way at its Oracle Ridge copper- silver project in Arizona, owner South Atlantic Ventures moved from the 55-75 cents bid-level to the 85 cents $1.20 bid-level in thin trading.

Robert Hunter, the new chairman of Taseko Mines, reported the company has not reached any agreement or settlement with Cominco over the company’s dispute over the Fish Lake property owned 20% by Taseko and 80% by Cominco. Taseko is currently attempting to regain full ownership of the property through the courts.

Taseko’s share price remained unchanged at the $2.60 level.