Vancouver Stock Exchange Eskay results come up short

At presstime the VSE Index was down 6.48 points to 804.62, a decline of 23.35 points from a week ago. Midway through today’s trading session 13.4 million shares valued at $21.2 million had changed hands.

Calpine Resources, which owns 50% of the Eskay Creek project, was off a further 12 cents to $2.46 today and Prime Resources slipped a further 20 cents to $3.70. Adrian Resources was 29 cents easier to $2.46. Consolidated Stikine Silver lost 38 cents to settle at $52.50. (At the height of last week’s trading, it reached a high of $59.50.)

Trimin Resources, which is not a Prime group company, bucked the trend to gain 75 cents at $2.65 today. This technically oriented company has a 32.89% stake in the Hanson Lake base metal deposit in Saskatchewan being drilled by Cameco. The project already has a substantial reserve base and mining analysts expect that a feasibility study will begin this fall.

Eric Friedland’s Fairbanks Gold slipped 13 cents to $5.87 over our report period, but at presstime it jumped $1.50 to reach $7.37. The company announced a 700-ft intercept grading an average of 0.107 oz gold per ton from the Fort Knox porphyry gold project near Fairbanks, Alaska. The hole is reported to be oxidized from the collar to the bottom of the hole. Prime group companies active near the Eskay Creek project once again dominate d trading over our report period with most losing ground in the wake of the market correction. Gigi Resources slipped 38 cents to 61 cents and Tamavack Resources fell 19 cents to 42 cents .

Prime group activity aside, Crown Butte Resources jumped $4.50 to reach a new high of $12. This Montana-based company is held about 25% by Noranda Exploration (which can earn up to 60%) and about 20% by Plexus Resources.

Crown Butte recently released a number of high grade drill intersections from its New World gold project in Montana which are expected to add to the previously outlined geologic reserve of 2.3 million tons grading 0.111 oz gold, 0.45 oz silver and 0.72% copper.

Continental Gold climbed $1.37 to $10.62 amid new rumors that the company is talking to a number of majors regarding the sale of its stake in the Mt. Milligan gold-copper project near Fort St. James, B.C.

Goldbelt Mines picked up 13 cents to settle at 44 cents largely on speculation that former Granges directors Mike Muzylowski and Douglas McCrae plan to turn the company into an active exploration company. Mike Muzylowski said he intends to play an active role in the exploration and mining scene outside of his consulting capacity with Granges, but it’s still too early to discuss details.

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