Alberta Stock Exchange Golconda up 22 cents

Trading was light amid the speculative junior-mining issues as the price of gold fell to a low of US$354 per oz. during the week ended Mar. 26. Among the week’s few gainers was Golconda Resources, which rose 22 cents to 82 cents on volume of 376,700 shares. The company is earning a 100% interest in the Goldridge gold property in Oregon. Golconda can earn its interest by spending $3 million over the next seven years.

In the base metals area, Bonanza Metals traded 37,600 shares to close down 2 cents at 7 cents after the company agreed to sell its interest in the Poirier base metal property to Forbex Resources for a combination of cash and shares. The former copper-zinc producer is situated in northern Quebec and hosts reserves estimated at around 1.4 million tons grading 1.24% copper and 8.75% zinc.

Savanna Resources, whose Santa Rosa zinc property in California is being explored by Cyprus Metals, traded 756,100 shares to close down 9 cents at 60 cents. Two other base metal companies, Nebex Resources and Kingswood Exploration,, also slipped a few cents lower to close at 15 cents and 20 cents respectively. Nebex has optioned its Brunswick Extension property in the Bathurst, N.B., camp to Teck which can earn a 51% interest by spending $3 million. The property lies about 2 miles north of the Brunswick No. 12 orebody.

Jerome Gold Mines was 2 cents bid, 8 cents ask after the company proposed a merger deal with privately owned International Platinum Mining (IPM). The latter’s main asset is $380,000 worth of share subscriptions receivable as part of the amalgamation. IPM also holds applications for permits to explore a platinum property in Queensland, Australia. The new company will be 15% owned by Jerome shareholders and 85% owned by IPM shareholders. The merger would also see Jerome convert $277,000 of its debt into new company shares at 20 cents per share.