Vancouver Stock Exchange Mishibishu claims dominate trading

The VSE Index was off marginally at 706.4 points today, but ahead 8.78 points from a week ago.

Gold plays at Mishibishu Lake in Ontario were still dominating trading activity at press time. Caribbean Resources slipped 4 cents to settle at 85 cents , while Exmar Resources was up 1 cents at 96 cents . Both companies and Mishibishu Resources own equal interests in a property where Hemlo Gold Mines made a recent gold discovery.

Calpine Resources also gained ground, up 8 cents at $1.38. Camas Resources, which is moving into a non-resource venture, was ahead 20 cents at $1.65 today after posting a large gain this past week.

Last week’s high flyer, Big Strike Resources, was halted late last week at $2.95 after rumors began floating of a $20 million financing for gold deposits valued at $90 million.

The company reported earlier that it had found a number of anomalies suggestive of placer gold deposits and possibly a lode deposit near Wells, B.C., by the use of aerial low elevation infra-red technology. Results were released from several test holes, but it is the height of naivete to believe this means gold deposits were outlined. The VSE is seeking clarification of the company’s affairs.

Victoria Diego Resources was among the more active issues over our report period, for the primary reason that it has mineral properties near Val d’Or, Que., and next to claims where Aur Resources made a copper-zinc massive sulphide discovery. The company optioned up to 70% of the project to Hi-Tec Resource Management, which in turn optioned its interest to Nepheline Resources. Victoria Diego gained a nickel to 20 cents .

Ronrico Explorations, which announced plans to examine its Simkar project near Val d’Or for its base metal potential, was up 1 cents at 18 cents .

Continental Gold Corp. slipped 38 cents to settle at $7.38 as rumors that the company was close to a deal with a major mining company began to settle.

Robert Hunter, chairman, said any fair offer would be presented to shareholders, but in the meantime management plans to “go forward” and continue discussions for major interim and capital debt financing with a number of large banks and smelter and engineering groups. Hunter said the company is still talking to major mining groups as well.

Arapahoe Mining Corp. jumped 37 cents at $1.20 after announcing channel and grab sample results taken from outcroppings in the vicinity of some large anomalies on the Horn Silver property in Utah. High grade zinc values (up to 34.91%) were reported, along with copper, lead and silver values. Bethlehem Resources has a 55% interest and, as operator, is planning a reverse circulation drill program.

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