Vancouver Stock Exchange Seven Mile High active

Pundits say gold’s strength in a relatively non-inflationary environment continues to centre around the uncertainty of events in Eastern Europe. But there are always a few who find the majority opinion predicting higher gold prices as a cause for concern.

Prime Resources and Calpine Resources continue to be among the most active and perhaps most controversial issues trading this week. The Vancouver Stock Exchange’s about-face over the requirement for a second independent valuation followed by the intervening of the British Columbia Securities Commission was the subject of much ink. The subject received more attention in the press than the market activity. However, Prime remained flat at the $2-level while Calpine advanced 50 cents to reach $5.50.

Calpine’s key asset is, of course, its 50% interest in the Eskay Creek gold/base metals project, north of Stewart, B.C.

Redfern Resources gained 65 cents to $3.40. The company attributes its continued strength to a recently released reserve figure of 5.8- million tons grading 1.60% copper, 1.31% lead, 7.03% zinc, 0.08 oz gold per ton and 2.93 oz silver at the 40% owned Tulsequah Chief massive sulphide deposit in northern British Columbia. As operator, Cominco Ltd. will be starting a new drill program to further test the depth potential of the deposit next spring.

Seven Mile High Group was among the most active issues once again, bouncing off last week’s steep drop to gain 40 cents to the $2.30 level. The company has requested that the VSE investigate the decline, citing the company’s float as being too small to support recent volumes unless illegal short selling was involved. This company’s key asset is the Vault gold property in southern British Columbia where Inco is operator.

Pineridge Capital, a non- resource venture, was the volume leader this week, gaining 30 cents to reach $2.20.

Welcome North Resources was also active, holding at 32 cents . Kokanee Explorations has also been busy in recent weeks, although holding steady at $1.15. The company is working on the Vine silver- lead-zinc property near Cranbrook, B.C.

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