Unlisted Trading (July 29, 1991)

Gold analyst David James’ positive comments on the Holloway project, about 40 miles east of Matheson, Ont., have renewed investor interest in Teddy Bear Valley Mines. A portion of Holloway’s famous Lightning zone, mostly on ground owned by Hemlo Gold Mines and Freewest Resources, dips on to Teddy Bear’s adjacent property. Fully 35,000 Teddy Bear shares changed hands in a high-low range of $1.90-1.50 for the week ended July 23, compared with last week’s volume of 2,000.

“The Holloway project is the next major Canadian gold mine to come into production and we expect the production decision by the end of 1991,” James told The Northern Miner. “This should be beneficial to the share prices of Hemlo, Freewest and Teddy Bear.” His article on Holloway was published by Richardson Greenshields of Canada.

According to a reliable source, results of the feasibility study on Holloway and the adjoining Teddy Bear property will be ready early next month. Recently Golden Penguin Resources released its unaudited interim financial statement for the six months ended May 31. The statement shows that Golden Penguin spent $14,900 on exploration and $67,889 on administration and that Golden Penguin had a net loss of $19,392 (one cent per share). The company did not trade this week.