Vancouver Stock Exchange Quiet times in a lethargic market

Investor interest in speculative stocks has waned dramatically but development-type situations with defined production potential have been doing better. Overall, however, the market could only be described as lethargic. By presstime the VSE index was ahead 2.6 points to 1083.1 and the advance decline ratio was even.

Among the volume leaders today was Footwall Explorations which traded at 55 cents on a volume of 620,000 shares. Tenajon Silver was also quite active but 4 cents lower at $1.47 followed by New Beginnings which managed an 8 cents gain to 78 cents .

Tenajon, part of the Northair Group, recently reported some interesting results (10.8 ft of 0.7 oz gold) from its SB property near Stewart, B.C. New Beginnings is trenching its University River property in Ontario’s Mishibishu Lake area.

Calpine Resources, which is planning more work this summer on its Eisler Lake property in Saskatchewan’s La Ronge area, jumped 7 cents to 57 cents and Q.C. Explorations was ahead 6 cents to 30 cents . The latter holds the Silver Inlet property near Thunder Bay, Ont., which has 10,000 tons of stockpiled silver ore and a 75-ton mill. Both traded in low volume.

Over our report period, Central Crude posted one of the largest increases, a $1.12 gain to $8.50. Hemlo Gold has been a big buyer of Central Crude shares (at last report it held 18%) which may explain some of the rise. Moving up again this week was Delaware Resources which climbed 89 cents to $23.64. Shareholders recently approved a three- for-one share split effective July 7.

Prospectors Airways, which is exploring Cominco’s old Anyox mine northeast of Prince Rupert, B.C. shot up 65 cents to $1.40 while Fleck Resources was 59 cents better at $1.99. Fleck has announced plans to purchase up to 230,000 of its outstanding shares. (And it’s obviously willing to pay a good price). Golden Lion was the volume leader this week with a turnover of 1.3 million shares for a 4 cents gain to 51 cents .