Vancouver Stock Exchange Exploration results can move a stock

Market liquidity continues to be a problem in Vancouver and falling gold prices have made things worse. Many companies are busy refinancing for summer exploration programs so investor interest at present is generally confined to active situations. But good exploration results can still move a stock, something we see here regularly.

Among the more active issues at presstime was Golden Seville which was unchanged at 25 cents on a volume of 251,000 shares. At last report, the company had concluded a joint venture agreement to construct a gold extraction plant (tank leach) on one of its properties.

Surf Inlet was 15 cents stronger at 60 cents and Simplon Resources climbed 10 cents to 50 cents . Surf has the right to earn a 50% working interest in the Franklin mine property 32 miles west of Denver, Colo. Earlier this year Simplon concluded an agreement to explore for gold in Saudia Arabia. (Let’s hope gold isn’t quite as abundant there as oil). At presstime the market index was ahead 2.7 points to 1049.7.

Over our report period Delaware Resources posted a $1.74 increase to $15.38. Murray Pezim says the adit at Delaware’s SNIP project has advanced 200 ft into the zone and several drill holes have been completed. In terms of contained gold he feels the discovery will eclipse the David Bell mine at Hemlo. (He might be right in this case). Bunker Hill Mining didn’t do badly either, rising $1.31 to $4.30. The company plans to reactivate its Bunker Hill mine (lead-zinc-silver ) near Kellogg, Idaho. Production is scheduled to resume in the second quarter.

Another strong performer, American Pacific Mining closed the week $1.02 higher at $5.87. It operates the El Mochito mine (lead-zinc- silver) in Honduras and expects to increase production there by about 35% later this year. This situation seems to have quite a following.

International Dorado shot up 61 cents to $1.49 and Colossus Resource Equities, a Prime Capital company and controlling shareholder of Delaware, ended the week 35 cents better at $4.20. Dorado plans to install a 120- ton-per-day portable mill at its Goodwin silver claims in Arizona. Reserves are said to be 120,000 tons grading 40 oz silver per ton. Meridor Resources was the volume leader over our report period with a turnover of 974,100 shares. The stock was up 4 cents to 95 cents . The company has been exploring a gold property near Matheson, Ont.