Alberta Stock Exchange Northfield up 20 cents

Northfield Minerals moved up 20 cents to $1.70 after announcing it has finalized a deal to acquire control of the Cheminis gold mine property near Kirkland Lake, Ont. An underground development and exploration program is set to get under way this month at the former gold mine where previous development included a 3-compartment shaft to a depth of 1,000 ft. Meanwhile, several other junior gold issues were beaten back during the week ended March 27 as bullion plunged more than US$20. Middle East investors are bailing out of the yellow metal to buy British pounds which are apparently offering more attractive yields at present. Among the junior gold issues losing ground were BMR Gold which shed 18 cents to close at $1.50 on thin volume of 57,000 shares, while Champion Gold took it on the chin and fell 49 cents to close at $1.05.

Ontex Resources traded 17,440 shares and backed off by 19 cents to close at $1.10. The company is preparing for a major court battle this fall over control of the Brookbank gold deposit in northwestern Ontario. Placer Dome has completed a $1-million work program at Brookbank including more than 30,000 ft. of drilling.

Golden Crescent Resources is exploring 26 Placer Dome gold properties in Ontario and it also slipped 19 cents lower to close at $1.

Bucking the downtrend, Durvada Resources traded 155,400 shares to post a gain of 19 cents with the close at $1.64. Also better by $1.20 was Naxos Resources. That issue closed at $4.40 on volume of 429,900 shares. Lucas Gold traded 29,300 shares tacking 10 cents on to its share price of $1.40. The company is exploring a Lucas Twp. gold prospect in northern Ontario.

In the junior base metal area, Savanna Resources saw 317,200 shares change hands, lifting its price by 3 cents to 28 cents. Stratabound Minerals is exploring a low-cost open pit zinc-lead-silver deposit in the Bathurst camp of New Brunswick. It was steady at $1.70. Mixed drill results from the old Poirier copper- zinc mine in northern Quebec have had little affect on Bonanza Metals which was easier by 5 cents to close at 60 cents.