Vancouver Stock Exchange Investors in wait-and-see mood

On Jan. 26, a fat lady with horns and blonde braids (really a board marker dressed up like Brunhilde) sang a final aria on the floor of the Vancouver Stock Exchange to show “it’s really over.”

The event marked the end of floor trading as the VSE moved completely over to its $8-million computerized trading system. It was the end of an era, and a bittersweet day for the traders who have made the floor a colorful and lively place since the exchange opened in 1909.

At noon today, Jan. 31, trading activity was subdued. Like most equity markets, brokers here are finding investors in a wait-and-see mode because of economic uncertainty and recent market volatility. The VSE index was up marginally to 703.72, but off less than a point from a week ago.

Armeno Resources slipped 7 cents to 44 cents today. The company recently announced that a phase-one program would begin shortly on its Standard Creek precious metals property near Bralorne, B.C. Armeno is involved in several other projects in such widespread locales as Ecuador and Africa.

Kokanee Explorations was once again the most active issue for the week ended Jan. 30, although it slipped 29 cents to $2.40. The company is busy exploring its Vine property near Cranbrook, B.C. Assays were released for a number of recent holes drilled on the Vine vein structure; however, assays are still pending for hole 90-21.

It is reported to have intersected the vein after cutting over 50 ft. of “Sullivan Horizon” stratigraphy including bedded sulphides. This does not mean the company has found another Sullivan-type deposit. It simply means the general package is showing similarities to units associated with Cominco’s Sullivan mine. Considerably more work is necessary to test this favorable geologic environment.

Dayton Developments moved up 35 cents to $2.45. The company is one of a small number of Vancouver juniors acquiring gold projects in Chile. Dayton is at the feasibility stage with its project, a potential open pit, heap leach operation.

Consolidated Goldwest Resources moved up a further 12 cents to 53 cents . The Prime group company recently amended its option agreement with Pass Lake Resources to acquire an undivided 51% interest in the Pass Lake property in the Galore Creek camp of northwestern British Columbia where some interesting mineral showings were discovered. The deal was for staged payments and share issuances.

Prime company Akiko-Lori Gold Resources jumped 70 cents to $3.10. Apparently, interest in the company is the result of a winter drill program by Noranda on the joint ventured Springpole project, 70 miles east of Red Lake, Ont. Two drills are now on the Portage zone, one of five mineralized zones within a gold-bearing system traced along a strike length of 6,000 ft. and over widths up to 1,200 ft.

Adrian Resources is continuing to hold ground despite the ongoing uncertainty of ownership of its claims near Calpine’s Eskay Creek discovery in northwestern British Columbia. No work is planned until the matter is resolved. The issue was up 1 cents to $1.06.