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Morning Coffee
Daily Market Headliners Friday, September 17, 1999
Andrew Muir, CFA, Mining Analyst andrew_muir@canaccord.com
This publication is a market commentary not to be construed as a
source of buy or sell information
MARKET PULSE
N DJI -63.96 77,204,100
T TT -45.98 60,144,977
V VV +.01 18,003,564
T GL +12.05
Discouraged by the prospect of rising interest rates, investors
knocked Toronto and U.S. stocks down again Thursday. Declines exceeded
advances 597 to 385 as 12 of the TSE's 14 stock groups fell Thursday.
Money seems to be leaving the market. The TSE financial services
sub-index fell 1.37%. Mining company Inco Ltd. fell 0.15 to 33.60,
as nickel prices rose after news that Inco has started to shut down
its Thompson plant in Manitoba after workers rejected the company's
contract offer. In October gold price rose 10 U.S. cents to
US$256.70 an ounce. Internet auction company Bid.Com International
Inc. fell 0.70 to 8.90 after saying it will raise C$25 million through
a special warrant financing.
HEADLINERS
PACIFIC RIM MINING ("PFG-T") - has signed a final agreement to option
100 % interest in the Luicho gold Project. Luicho is located 540 km
southeast of Lima in the Ayacucho Department, Parincochas Province.
This acquisition is subject to approval by The Toronto Stock Exchange.
The Luicho Project is a low-sulfidation epithermal prospect.
Mineralization is contained within quartzites and breccias and is
controlled by stockwork quartz veining within these units. Pacific Rim
has collected 431 continuous rock chip samples at Luicho from surface
outcrops and historic underground workings. These samples ranged from
5 to 45 meters in length. The average of all 431 samples is 1.57 g/t
gold. Of these, 59 percent exceed 0.31 g/t gold and 41 percent exceed
0.62 g/t gold. These higher grade sample groups average 2.56 g/t gold
and 3.52 g/t gold respectively. The majority of the samples that
exceed 0.62 g/t gold occur within a wedge-shaped fault block that is
1.2 kilometers long and from 150 to 400 meters wide, with an apparent
vertical relief of at least 300 meters (280M tonnes).
INFOWAVE SOFTWARE ("IWM-V") - has signed a development agreement with
New Motion International Co., Ltd., a manufacturer of Apple(R)
Macintosh(R) and PC computer peripherals. Under the terms of the
agreement, New Motion agreed to package Infowave's award-winning
PowerPrint software in-box with New Motion's iDock(TM). The iDock
is a six port hub that increases the peripheral compatibility of an
iMac. It enables iMac users to connect to a wide variety of
peripherals such as printers, scanners and modems with serial and
parallel ports that would otherwise be incompatible with the iMac.
CompuCable will position the iDock as the flagship of its iPeripheral
line of iMac accessories. According to PC Data, approximately 2
million iMacs have been sold since its launch on August 15, 1998,
making it the top selling desktop computer in the retail market.
PERUVIAN GOLD ("PVO-V;PRVGF-L") hole 2 of a recently completed 3-hole
drill program has intersected a 31.4 metre (103 feet) zone of silver,
lead, zinc mineralization assaying 318 g/t silver, 8.65 % zinc and
5.53 % lead. This is the thickest intersection yet encountered at
Silvertip and is thought to be the first major intercept of feeder
style "chimney" mineralization. Silvertip is a carbonate
replacement deposit with similar geological characteristics to the
large, high grade Gilman (Colorado) and Santa Eulalia (Mexico)
deposits. Previous drilling at Silvertip has established a resource
of 2.57 M tonnes of flat lying "manto" style mineralization grading
325 g/t silver, 8.8 % zinc and 6.4 % lead. The significance of the
Hole 2 intercept is that chimney style mineralization, which is
normally thicker and more continuous than the "manto" style
mineralization, could greatly increase the value of this resource.
Current exploration is funded by Peruvian under an option from
Imperial to acquire a 60 % interest for property expenditures of $5 M.
The Peruvian option is subject to a 20 % buy back right in favor of
Imperial for subsequent property expenditures of $2 M. |
