Unidentifiable Elipitcal object

The year was approximately 1962 and I was living ina small town Nanaimo, located in British Columbia Canada. Nanaimo is located on an island just off the coast of Vancouver, B.C. Canada. The island by relative standards is not a big island, and not considered to be very wide. The center of the island has a mountain called Mt. Benson in the middle approximately 6000-7000 feet in height separating both the East and West coast coast lines. While my friend and I were playing outside we noticed a rather bright eliptical light that appeared to be hovering over the top of the mountain. Fascinated by the appearence of this phenomenom we continued to watch this light continue to hover over the peak of the mountain for approximately one hour. At that age, not knowing much about aircraft, we continued to watch this object continue to hover over the mountain for the entire time it was visible. The object appeared to be quite bright, and showed no signs of pulsating lights or other distinguishing characteristics. Both of us were amazed at the amount of time this object spent hovering over the mountain top, and it did not appear to eminate any type of sound whatsoever. After viewing this craft for approximately and hour the obejct slowly began to demonstrate ballistic movement and departed the area at a relatively slow speed. I do recall the object slowly began traveling South, then suddenly turned westward and began climbing into the westward sky until it disappeared from sight. We were both curious as to what we had seen, but simply assumed it was some sort of Canadian military project. Since that date I have always wondered what it was that I actually saw that evening. I made an attempt to explain what I had seen to my parents, but they dismissed it as simply a kids fabricated story. What I saw that night is something that has still left an impression in my mind today. I would give anything to know what it what is was that I actually saw that night.
The charecteristics that the craft exhibited that evening was nothing similar to any aircraft that I was aware of at that time.
Date is approximate.  PD