Alberta Stock Exchange Business as usual

Many of the issues which have been active lately lost ground. Savoy Minerals, for example, dropped 24 cents to close at $2. Roper Resources closed down 20 cents at 43 cents .

Northfield Minerals, which has benefitted recently from a new association with Dynatec Mining, was down 29 cents at $1.10. Another casualty was Borealis Exploration which has elected not to develop its Fat Lake gold and other Northwest Territories projects without the help of a joint venture partner. Borealis was down 74 cents to close at $3.25.

While the effects of the Oct 13 market plunge, which saw the Dow Jones industrial average falling 190 points before closing in New York, weren’t as severe as expected, analysts say the sudden downturn may drive the “little guy” out of the market at a time when he was just starting to come back.

That may not be welcome news on the predominantly junior- oriented Alberta Exchange where many small investors tend to look.

Nevertheless, Pan East Resources continued to make progress this week. One of the session’s biggest traders with over 513,000 shares changing hands, it gained 15 cents before closing at $1.90. News that Integrated Resources is trying to take over Integrated Resources isn’t igniting much investor interest, judging by the trading pattern of Integrated’s shares.

They fell 29 cents this week before closing at 80 cents . Northern Minerals is the former Pacific Trans-Ocean Resources which ran into trouble when its old partner Canamax Resources miscalculated the extent of reserves at the Ketza River gold project in the Yukon.

Northern’s assets include properties in the Laird mining area of British Columbia and the Gnat Pass porphyry copper deposit which hosts 25 million tons of grade 0.44% copper.

Micron Metals, which didn’t trade this week, says production start-up at its Moapa Valley gold project near Reno, Nev., will be delayed due to equipment failures.

As reported (N.M., Aug 21/89), a number of industry experts doubt that the project will ever be successful. Louisiana Mining, which was down 17 cents this week, is also involved in the project.

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