Alberta Stock Exchange Trading lacklustre (May 08, 1989)

So too did the Bitech Energy Resources issue which has been lagging lately due to substantial dilution and a lack of any new results from the Nugget Pond gold project on Newfoundland’s northern coastline. Bitech was down 4 cents to close at 75 cents

At press time, Bitech was preparing to release some new results from the Nugget Pond joint venture where partner Equity Silver Mines is funding a 20,000-m drill program.

Asked if the results were going to be good, Bitech President Jim Wade replied, “Well I’m smiling aren’t I?” So far, geological reserves at the Bitech project stand at 395,500 tonnes grading 12.5 g per tonne (0.36 oz).

Biron Bay Resources was one of the few gold issues to make much progress this week. With only 42,200 shares crossing the floor, the issue was up 20 cents to close at $1.10.

Biron Bay recently agreed to act as fund raiser for Hecla Mining Co. of Canada at the Mooseland gold property in Nova Scotia. More recently the company agreed to earn a 60% stake in NovaGold Resources’ Summit gold property in New Mexico.

Savoy Minerals was ahead 10 cents to close at $1.85 on a volume of 72,600 shares.

Calgary-based Durga Resources recently poured the first dore bar at its Boss mine project in Goodsprings, Nev. The 10-oz bar was produced as part of a test run at Durga’s heap leach mill site, but the issue dropped 4 cents anyway before closing at 70 cents .

Durga already owns or is acquiring additional land containing leachable mine dumps and old high grade mine workings within a 20-mile radius of the mill site *

The Moss Resources issue was equally unresponsive to news that it has agreed to transfer all interests held jointly by Moss and Power Explorations to the latter company in return for 6.2 million Power common shares.

If the transaction is given shareholder approval, Moss will hold a 40% stake in Power. The properties are located primarily in the Pickle Lake and Opapimiskan areas of northwestern Ontario. The bid on the Moss issue was 18 cents , the ask 22 cents .

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