Mining and Exploration: Delistings and Suspensions Rising

On the New York Stock Exchange there are currently about 65 companies in danger of being suspended for non-compliance, which has forced the exchange to consider relaxing rules that require shares trade above a dollar.

In Canada, the number of companies considered non-compliant is also growing, in particular within the country's resource sector, where falling commodity prices have wreaked havoc on mining and exploration companies.

"Stock exchange notices to companies defaulting on list requirements, have been on the rise," said Wendell Zerb, analyst at Canaccord Adams. "Precious metal equities have largely avoided the issue; however, many others are not so fortunate."

Mr. Zerb provided clients a list of mining companies who have been delisted from the TSX and TSX Venture from Dec. 1, 2008 through Jan. 28, 2009 that includes; Delta Exploration Inc., Golden Oasis Exploration Corp., Aranka Gold Inc., Pinewood Resources Ltd., Winchester Minerals and Gold Exploration Ltd., Patricia Mining Corp., Oromin Explorations Ltd., Fusion Resources Ltd., GLR Resources Inc., Gateway Gold Corp., and Campbell Resources Corp.

He also listed all the mining companies that have been suspended during the same period. They include Pine Valley Mining Corporation, Tahera Diamond Corporation, Big Bar Resources Corporation, Emerald Isle Resources Inc., Great Gold Mines N.L, Gulfside Minerals Ltd., Kansai Mining Corporation, Majestic Gold Corp., Neo Alliance Minerals Inc., Pacific Imperial Mines Inc., Superior Canadian Resources Inc., Vega Gold Ltd., Vostok Minerals Inc. and West Hawk Development Corp.