Alberta Stock Exchange Champion moves up

Trading on only 5,400 shares, it gained 35 cents before closing at $3.25.

According to a street rumor, Champion was negotiating with Dore-Norbaska Resources which has been unable to provide funding for an exploration program undertaken by Orofino Resources. At press time, Orofino had elected to go ahead with a limited program at Coronation Gulf where reserves stand at 860,000 tons grading 0.22 oz gold per ton.

Also up sharply was the Borealis Exploration issue. With a minuscule 13,500 shares changing hands Borealis was up 50 cents before closing at $3.50. While no recent announcements have been forthcoming, when last heard from the company was attempting to bring its Fat Lake gold project into production. The Northwest Territories property hosts 52,500 tons of grade 0.325 oz gold.

Savanna Resources is clearly benefitting from all the publicity surrounding Aur Resources’ recent massive sulphide discovery near Val d’Or, Que. News that Aur has agreed to earn a 51% stake in Savanna’s Turner Albright property in southern Ontario has driven the Savanna issue up to 68 cents . As the week’s biggest trader with 728,900 shares changing hands, Savanna gained 8 cents .

Extensive diamond drilling at Turner Albright has established ore reserves estimated at 3.3 million tons containing, in addition to cobalt, 1.46% copper, 3.32% zinc and 0.11 oz gold, according to Savanna.

Another big trader was Louisiana Mining, which is involved in a joint venture with Billiton Minerals U.S.A at a 3,000-acre gold property in Inyo Cty., Calif. Trading on 141,400 shares, the Louisiana issue gained 28 cents before closing at 80 cents .

Bayaura Mines was steady on news that it will earn an 11% interest in a Thailand gold property where Siam Trading and an Australian mining company are the joint venture partners. After trenching yielded assays as high as 0.64 oz to 0.90 oz gold per ton, the joint venture is gearing up for a drilling program. Siam will retain a 55% stake in the project.

The Baloil Lassiter issue also remained relatively steady this week, closing up 2 cents at 22 cents . Back in April, Baloil agreed to purchase from Goldrich Resources a 100% stake in eight claims beside the former company’s Sumit gold property in B.C.

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