Volumes were down once again this week as Alberta investors continued to play wait and see with both gold prices and the future direction of the U.S. economy.
As a result, the big traders like International Baslen and Suffolk Resources lost ground.
Trading on a volume of 541,200, the day’s highest, Suffolk dropped 19 cents from its share price to close at 44 cents . When last heard from, the company had announced a production decision at a placer gold property in the ivory Coast of West Africa.
International Baslen, which has been offered a stake in a company set up to hold some disputed claims in the Hemlo, Ont., area lost 25 cents to close at 89 cents . Baslen is still waiting for its lawyers to decide if a lawsuit which would challenge the validity of Noranda Inc.’s right to some 148 claims at Hemlo, is worth pursuing. A decision on the lawsuit is expected within the next couple of weeks.
In fact the only major trader to show some sign of progress was Tarzan Gold. It added 15 cents to its share price and closed at $2.05 on 229,800 shares traded. Tarzan has the right to earn a 100% interest in two large claim blocks covering the western extension of the Geraldton-Beardmore gold camp.
It recently raised $500,000 from a flow-through share issue to fulfill its obligations on a Casa-Berardi, Que., property where it can earn a 60% interest.
Glencairn Exploration was also up in the standings. Trading on 86,000 shares, it added 17 cents to its share price to close at 87 cents . The Toronto company recently reported some encouraging drill results at its Faljao Cru diamond project near Andarai, Brazil, where Glencairn can earn a 50% interest.
After Biron Bay Resources was recruited by Hecla Mining of Canada to participate in a feasibility study at Acadia Minerals’ promising Mooseland project in Nova Scotia, it has attracted a fair amount of investor interest.
This week the Biron Bay issue gained a healthy 20 cents to close at $2.40.
The Perrex Resources issue was also up 5 cents to close at $1.00 following news of what looks like a significant tungsten find at the Iris joint venture near Harker Holloway in northeastern Ontario.
According to President Alexander Perron, the discovery could add to a near surface-reserve inventory which stands at 348,393 tons grading 0.09 oz gold per ton.
Perrex is involved in a 45/55% joint venture at the Iris property with Alberta Gold Exploration, which was down 30 cents to close at 99 cents .
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