Jan 22 - 28, 1996

The London gold price stayed below US$400 this week and was fixed at US$398.90 per oz. on the morning of Jan. 17. The fix was $2.15 higher than last week. The gold and precious metals sub-index was 186.26 points lower, a loss of 1.6%, closing Jan. 16 at 11,397.21. TVX Gold was the most active in the group, and one of the few winners, posting a 62 cents gain to reach $11.88.
Barrick Gold was down $1.25 to $38.38, Placer Dome fell 75 cents to $36.12 and Teck B-series lost $1.12 to $26.75. Cambior added another 25 cents to close at $16.75. Hemlo Gold was up $1 to $16 and Agnico-Eagle Mines shot up $1.12 to $20.62.
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The junior exploration companies had a much better week than their big brothers, with many issues posting strong gains. The most active junior on the TSE was Arequipa Resources, which saw 11.6 million shares trade and shot up another $1.62 to $7.25. The company, with a promising gold discovery in northern Peru's Ancash province, did not release any further news this week.

Feb 26 - Mar 3, 1996

Interest rate worries set off a round of selling on the Toronto Stock Exchange last week, and the TSE 300 composite index had fallen to 4,963.80 by the close of trading Feb. 20. The close represented a loss of 81.51 points (1.6%) from the week before.
Among junior issues, Arequipa Resources announced results of sampling from underground that confirmed earlier estimates of grade at the Pierina project in northern Peru. Shares were off 25 cents to $10 with volume of 6.3 million on the week.

Apr 8 - 14, 1996

In preparation for drilling at the Pierina gold project in north-central Peru, Arequipa Resources (TSE) has completed the first 1.8 km of a 5-km access road. Meanwhile, underground sampling of a tunnel, which is being driven into the hillside of the deposit, has returned a consistent grade averaging 4.49 grams gold and 119 grams silver per tonne over the first 62 metres. Arequipa intends to extend the tunnel as far as possible. It currently measures 71 metres and lies 50 metres below the surface.
The driving of a second tunnel, about 200 metres south and slightly east of the first tunnel, is being delayed by unstable ground conditions. Sampling has returned an average grade of 2.55 grams gold and 113 grams silver over a 6-metre length, starting at a depth of 6 metres. The tunnel currently exceeds 18 metres in length.
The two tunnels are being driven to provide information on a disseminated zone defined by test-pitting over a 253,000-sq.-metre area, with an average bedrock grade of 6.6 grams gold.

Apr 22 - 28, 1996

The Toronto Stock Exchange saw an active trading period, including a wild trading day and a record level for the TSE 300 composite index, during the period ended April 16. The index closed up at 5,085.36, an increase of 78.07 points, or 1.6%, from the previous week.
London gold prices took a long slide, dropping $3.15 to US$391.40 per oz. The yellow metal fell $2.10 between the afternoon fix on April 16 and the morning fix on April 17. The TSE gold and precious metals subindex felt the chill wind from the bullion market and retreated 215.14 points to close April 16 at 12,326.53, a loss of 1.7% from the previous week. Placer Dome closed at $38.38, Barrick Gold at $41.25, and Echo Bay Mines at $17.88, all down 88 cents for the trading period.
A few golds rose, with Kinross Gold adding 25 cents to close at $11.50, and TVX Gold picking up 12 cents to reach $12. Bema Gold, up 50 cents to $5.25, announced new results from Chile's Cerro Casale deposit, which it shares with affiliate Arizona Star Resource (VSE).

Investor darling Arequipa Resources tacked on another $2.75 to reach $16. The company's extensive land package in Peru has attracted considerable attention, as well as a number of majors as joint-venture partners.