Alberta Stock Exchange (December 30, 1991)

Reports that shareholders approved an amalgamation of Bay Resources and Services with three other companies sent the stock down 3 cents to 2 cents during the week ended Dec. 23.

The newly amalgamated company, to be known as SEG Exploration, will combine Bay, Monique Exploration, Duverny Exploration and St. Genevieve Explorations (1991). TSE-listed St. Genevieve Resources is associated with all of these juniors. SEG will trade on the Montreal Exchange.

Marshall Minerals and its subsidiary Eden Roc Mineral closed unchanged at $1.25 and $1.75, respectively, after Eden Roc raised $1.1 million through a private placement. Eden Roc’s Ivory Coast gold mine will have yielded its first gold by the new year.

Indigo Gold Mines traded moderately as the company optioned its Delestre Twp. iron-sulphur property in Quebec. ME-listed Ressources William can earn a 75% interest in the property by spending $300,000 exploring for gold. The Delestre deposit is estimated to contain preliminary reserves of 13.5 million tons of iron sulphide grading 25% sulphur and 32% iron. A few of the previous drill holes contained gold grading up to 0.46 oz. per ton. Indigo closed unchanged at 23 cents.

Champion Bear Resources has raised $605,000 by selling flow-through shares at $2 per share. The company plans to use the money to finance ongoing drilling on its Ontario mineral properties. Champion Bear, which may accept additional subscriptions for $150,000, closed unchanged at $2.25.