Vancouver Stock Exchange (August 19, 1991)

Market activity shifted from bad to worse during the week ended Aug. 13 with trading volumes lagging at about 11 million shares per day during what should be one of the most active times of the year. The composite index slid by 5.52 points to 562.70 while the resource index dove by more than 21 points to close at 528.68.

Companies in Murray Pezim’s Prime Equities fold remain relatively quiet while he appears to concentrate his promotional efforts on the B.C. Lions football club. Prime Equities touched a 52-week low at 41 cents during the reporting period, off from the 57-cent level in the previous week. Adrian Resources was also off, closing down 32 cents at $1.28. No additional results have been released from the Sky Creek property in the Iskut River area of northwestern British Columbia where an outcrop of volcanogenic semi-massive to massive sulphides was recently discovered. Adrian can earn a 51% interest in the property from Skyline Gold by spending $1.5 million on exploration.

Additional high-grade drill-ing results from the Spectrum property in northwestern British Columbia did not seem to help Columbia Gold Mines and Eurus Resource. Columbia dipped 16 cents to finish at 69 cents while Eurus closed at $1.24 for a loss of 17 cents. Eurus can earn a 50% interest in the property by spending a total of $8 million.

Galico Resources took top trading spot — 800,000 shares changed hands — but it plunged 65 cents to close at $1.05. The company is currently drilling on its Metla property in northwestern British Columbia but has not announced any results.

The release of a 530-ft. intersection grading 0.42 oz. gold per ton at the Fort Knox property near Fairbanks, Alaska, did not seem to help 51% owner Fairbanks Gold. The issue added about 12 cents to close at $7.75. Negotiations are continuing with an unnamed major mining company regarding the sale of the property.

News that LAC Minerals does not plan to proceed with further work on the Blue Moon property in California left owner Colony Pacific Explorations little changed at the 35-cent level.

A number of high-grade gold intersections at the Polaris-Taku property did not seem to help Suntac Minerals, which dropped 10 cents to close at 25 cents. Suntac is earning a 60% interest in the property from Rembrandt Gold Mines. The company’s poor market performance recently prompted Canarc Resources to lower the price of a private placement in the company to one million units at 40 cents each (down from 60 cents).

El Condor Resources recently reached an agreement with Rio Algom for the purchase of 1.07 million shares of El Condor at $2.80 each. The placement brings El Condor’s cash position to more than $10 million. The company recently started a drilling program on its Kemess copper-gold porphyry project in north-central British Columbia. El Condor closed at $2.99, off 6 cents.