Alberta Stock Exchange (November 25, 1991)

Northfield Minerals picked up 8 cents to close at 83 cents for the week ended Nov. 19 as the company poured its first gold from the Cheminis mine east of Timmins, Ont.

More than 1,200 oz. were recovered from the first ore processed at Deak Resources’ Kerr mill. The next pour will take place in early December, and, after that, the Cheminis mine is expected to produce 10,000-15,000 tons of ore per month on a consistent basis.

Gold City Resources and Golconda Resources have entered into a letter of intent to explore the Panorama property, southwest of Reno, Nev. By spending $500,000 over three years, Gold City can earn a 50% interest in the gold property. Drilling is expected to begin shortly.

Gold City was 12 cents bid, 20 cents ask for the week while Golconda remained steady at 42 cents.

Shedding 5 cents to 20 cents, Shiningtree Resources has arranged a private placement of 750,000 units priced at 20 cents per unit. Each unit consists of one common share and one warrant to purchase an additional share at 25 cents. Shareholders will be asked to approve a merger between Great Northern Gold and a subsidiary of Ascentex Energy at a special meeting on Dec. 20. Under the proposed amalgamation, shareholders of Great Northern will receive one common share of Ascentex for 16.04 Great Northern shares. Great Northern was 7 cents bid, 7 cents ask.

American Chromium and Courageous Exploration also plan to merge to become a new company, Rhonda Mining. Shares will be exchanged on a 10-for-1 basis. American was unchanged at 2 cents while Courageous was 2 cents bid, 10 cents ask.