Vancouver Stock Exchange Trading activity comes to life

With gold prices moving in the right direction and companies announcing drilling budgets for the coming season, trading activity on the Vancouver Stock Exchange is beginning to show signs of life. At noon today, Feb. 7, the VSE index was up 1.06 points at 722.68, a healthy gain of 18.96 points from a week ago. Silver Princess Resources was one of the more active issues today, up a dime to 74 cents . The company recently announced that it will be vigorously defending title to the DUP claims (optioned to Adrian Resources) staked by Paul Dupras and several associates in the Eskay Creek area, north of Stewart, B.C.

Claims inspectors have recommended cancellation of the DUP claims, and the IKS claims, subsequently staked by ARC Resources Group. Both groups intend to fight their respective recommendations, citing Section 34 of the Mineral Tenure Act. Industry sources say it is likely these disputes may reach the law courts. As it stands now, Dupras has title to the claims.

But Ken McKenzie, acting for Tagish Resources, is reported to have gone into the Eskay Creek area in September in a large-scale staking effort that includes Section 35 complaints on ground held by a number of Prime companies, including Adrian and partners. The Prime group has initiated a lawsuit against McKenzie, and it intends to fight vigorously the complaints.

The uncertainty is taking a toll on companies active in the area, which are unable to continue work.

These events didn’t seem to hurt Calpine Resources, which rose 43 cents to close at $5.13.

Crown Resources was up 50 cents at $10.50 today after announcing a significant jump in reserves at their Crown Jewel property in Washington State. The property is fast becoming the company’s next mine with minable proven-probable reserves of 5.5 million tons grading 0.11 oz. gold per ton. The company plans an extensive 100,000-ft. program of stepout and infill drilling beginning in March.

Suntac Minerals was the most active issue for the week ended Feb. 6, up 23 cents to 60 cents . The company is earning a 60% interest in the Polaris- Taku gold mine in northwestern British Columbia where recent drilling returned 13.2 ft. of 0.58 oz. gold, including 8.7 ft. of 0.86 oz. gold.

In a transaction that involved cash and 100,000 of its shares, Clipper Minerals has acquired additional claims adjoining the Stormy Lake project in the Rice Lake gold belt of Manitoba, bringing its land position to 3,000 acres. The stock was active, reaching a high of 84 cents before settling back to 57 cents .

Pacific Houston moved up 16 cents to 28 cents after announcing the results of a research project at its polymetallic project in northern British Columbia. The company said the research showed the Silver Queen mineralization and host rocks to be part of the same regional package that includes the Equity Silver Mine. A feasibility study completed on the project over a year ago found it to be uneconomic.