Vancouver Stock Exchange — Takeover talk benefits Prime Res.

Gold’s performance went from disappointing to depressing as it slipped below the US$340-per-oz. level amid rumors of European selling and talk of its demise as the preferred haven against political and economic uncertainty.

The VSE resource index appeared to ignore gold’s slide, adding 16.94 points to close at 544.39. The composite index lost ground, dipping just over four points to finish at 658.39.

Prime Resources Group topped the most active list, trading more than a million shares to top out at $2.63 before settling at $2.35 for a gain of 40 cents. The takeover offer for International Corona by Homestake Mining has investors speculating on potential follow-up bids for the other players in the Eskay Creek property in northwestern British Columbia.

Adrian Resources, which holds a 50% interest in a staking gap covering a portion of the Eskay deposit, ran to 75 cents following Homestake’s announcement. Adrian was unable to hold the move, giving up most of the gain by the end of the period to close up 2 cents at 57 cents.

Potential production financing for its underground placer gold deposit in California gave Seine River Resources a boost. The issue gained 27 cents to close at $1.20.

Taseko Mines continued to march ahead, adding a dollar to finish the week at $11.75. The company recently completed a $7.144-million private placement at $10 per share for the funding of a bankable feasibility at its Fish Lake project near Williams Lake, B.C. Taseko will receive an additional $7.144 million if the attached 4-month warrants are exercised at $10. Further drilling results are expected shortly from the Bellas Gate property in Jamaica. Golden Ring Resources has an option to earn a 100% interest in the property, finishing up 20 cents on more than 925,000 shares. The company has released results from the first three holes which returned assays of up to 0.69% copper and 0.011 oz. gold over 320 ft.

Prime Equities International took a healthy jump, adding 90 cents to close at $3.15. The company recently announced it had increased its position in Golden Ring by a further 123,800 shares to bring its holdings to 1,052,450 shares, or about 17.11% of the company’s outstanding shares.

Shareholders of Goldbelt Resources approved the acquisition of options on two projects in the Commonwealth of Independent States (the former Soviet Union), paving the way for their development. The company is now in discussions with international lenders to raise US$36.3 million for a gold tailings project which the company expects to produce in the order of 924,000 oz. gold and 5.7 million oz. silver during the first 10 years of production. Goldbelt gained 13 cents to finish at $1.