Vancouver Stock Exchange VSE officials riled by `bad press’

The VSE, it should be remembered, is an exchange specializing in the raising of high risk venture capital. The unfortunate thing is that when companies become successful — and a good many do — they invariably head off to list on the Toronto or New York exchanges to escape the stigma that has stuck like glue to the VSE. The scams and scandals, however, remain to provide an easy target for ambitious journalists and publishers who realize bad news sells best.

Although efforts have been stepped up to close avenues for abuse, most recent scandals have come from dubious non-resource ventures which unfortunately tar even the best junior mining issues with the same tainted brush.

The VSE Index posted its largest one-day loss this year the day the articles were released, down 12 points at market close. At press time the Index lost a further 4.45 points to 737.71, a decline of 23.52 points from a week ago.

Fairfield Minerals was up 2 cents to 67 cents at press time after Total Energold announced it would be seeking the participation of a base metal producer to develop the Logan zinc- silver project in the Yukon. Fairfi eld has a 40% interest and is carried to a production decision at no cost. Geological reserves are reported as 13.5 million tons grading 6.17% zinc and 0.77 oz silver per ton

Goldrite Mining was an active issue during our report period, gaining 65 cents to $1.90. The company has started work on a gold property in Idaho near the Beartrack deposit which has a geological reserve reported at 36.9 million tons grading 0.055 oz gold.

Calpine Resources managed to move up a dime to $1.50 while Consolidated Stikine Silver recouped 50 cents to $8.62. The companies are partners on the Eskay Creek gold project in northwestern British Columbia.

International Dorado Resources lost 6 cents to 60 cents in active trading. The company and Montello Resources are joint venture partners on the Patagonia gold project in Arizona where the exploration is focused on locating a porphyry copper deposit. The partners also plan to sample some dumps and examine the potential for higher grade vein deposits on the property.

Dragoon Resources slipped 11 cents to $2.39. The company is working with Toronto-based Greenstone Resources on a number of gold and/or base metal projects in southeastern British Columbia.

Activity in Lasir Gold Industries was due to that company’s recent letter-of-intent agreement with Stelco Inc. to exploit the solidification of steel mill secondary materials and wastes. The issue gained 3 cents to 30 cents .

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