STOCK MARKETS — VSE trading in ’93 soared to all-time high

The Vancouver Stock Exchange’s record year is now official.

The VSE reports trading activity reached the highest volume and value in its 86-year history.

Volume in 1993 totaled 5.7 billion shares, a 47% increase over 1992 and a 19% rise over the record set in 1987.

Value during the year climbed to $6.8 billion from $3.6 billion in 1992, breaking the $6.65-billion record set in 1987.

The gains continued over the reporting period ended Jan. 11, with the resource index posting a 55-point increase to 1,689.32 and the composite index up more than 24 points at 1,096.83.

Gold bullion took investors on a bit of a roller-coaster ride over the period, dropping from the US$395-per-oz. level down to the low US$380s, before bouncing back to the US$386-388-per-oz. level.

Adrian Resources did very well, jumping 77 cents to $3.20. Market observers attribute the move to a higher awareness of the company’s interest in the Cerro Petaquilla concession in Panama.

Adrian has an option to earn a 32% interest in the Petaquilla copper-gold porphyry project and holds an additional 20% indirect interest through a subsidiary.

The interest in Adrian may also explain moves in Silverstone Resources and Madison Enterprises. The former added 51 cents to close at $1.20 while the latter finished up 38 cents at $1.50.

Silverstone has the right to earn a half interest in Adrian’s La Esperanza concession and Madison has the right to earn half of Adrian’s Belencilo concession, both of which are near the Cerro Petaquilla project. Disappointing drill results from the Damoti Lake gold project in the Northwest Territories had little effect on 25% owner Gitennes Exploration, which shed 6 cents to close at 79 cents.

Two holes drilled south and below Discovery Hole D-2 (0.40 oz. gold over 31.2 ft.) intersected faulting at the target depth while another hole, about 220 ft. to the north, encountered 23 ft. grading 0.028 oz. gold per ton. Toronto-listed Cathedral Gold and Consolidated Ramrod Gold also hold interests in the project, with the former posting a 29 cents loss at 86 cents and the latter slipping 38 cents to $8.25. Further drilling is planned. Beleaguered Consolidated Pine Channel Gold bounced back, gaining 31 cents to close at $1.67.

The company recently mobilized a winter drill camp to its Tobin Lake joint venture with Golden Peaks Resources in Saskatchewan.

The joint venture hopes to locate the source of kimberlitic indicator minerals identified in previous drilling.

Golden Peaks closed up 50 cents at $1.30.

The proposed acquisition of two copper oxide-gold properties near Hermosillo, Mexico, helped Blue Ribbon Resources post a 19 cents gain at 99 cents. The company is planning shallow drilling, trenching and metallurgical testing for the properties.

Aquamin Resources jumped 43 cents to close at $1.30 after announcing the acquisition of properties along the coastal gold belt of southwestern Peru. The company is also completing $2.2 million in private placements through units at 73 cents.

Exploration on two hardrock diamond concessions in Brazil is now under way, under an agreement giving Massey Mercantile the right to earn a 49% interest. Kimberlite indicator minerals have been found on two of the initial targets, giving Massey a 25 cents boost to $1.33.

News of a potential acquisition in Arizona helped Portman Exploration with a 14 cents boost to 55 cents.

The company recently dropped an option to earn an interest in the Crescent Valley property in Nevada from Sentinel Resources, which finished up 2 cents at 47 cents.

Northern Crown Mines edged up another 20 cents to $1.50 following the release of an 85-ft. intersection grading 0.10 oz. gold on its Guadalupe gold property in Mazatlan. Additional drill results from the property are expected shortly.