Alberta Stock Exchange Pelham is higher

A planned resumption of gold production at the Louanna mine near Nakina Ont, made Pelham Gold a popular issue in an otherwise low key trading session.

In a joint venture with Vancouver- based Cumo Resources, Pelham will process some 140,000 tons of tailings and 25,000 tons of surface ore before spending $5 million on additional exploration.

With only poor weather conditions standing between Pelham and $2.8 million in expected cash flow, the issue was Alberta’s third largest trader. With 140,600 shares changing hands, Pelham dropped 3 cents to close at 56 cents .

Large blocks of the Louisiana Mining and Suffolk Resource issues also changed hands, as the gold price hovered around the $440(US) per oz area.

As reported (N.M., Jan 18/88), Louisiana is joint venturing at a 3,000-acre gold property in Inyo Cty., Calif., with partner Billiton Minerals U.S.A. According to reports, some 30,000 oz of proven and probable gold reserves are expected to be enlarged with exploration.

Trading on a volume of 134,400 shares, Louisiana was down 39 cents to close at $1.60.

Suffolk dropped 4 cents from its share price despite the success of its placer gold mining ventures on the Ivory Coast of West Africa. Trading on 103,300 shares, it closed at 31 cents .

A recent acquisition of a 9,500- acre gold property 100 km southeast of Valemount, B.C., did little for the Gamsan Resources issue. Trading on 10,000 shares it remained steady at 73 cents .

Located near Gamsan’s Punch- Bowl claim group, the latest acquisition constitutes what the Edmonton company calls a regional “stratigraphic play.” It was designed to follow up on recent discoveries of visible gold within the original claim group, Gamsan says. Grab samples from the original discovery ranged from 0.1 oz to 5.3 oz gold per ton.

For the second week in succession the Nu Crown Resources issue gained ground. After posting a 4 cents gain last week, it was up 10 cents to close at 50 cents on 66,500 shares traded.

Nu Crown recently encountered a potential fault structure at its gb claim block east of Winnamucca, Nev. where anomalous gold samples ranging up to 0.07 oz were obtained.

Valley View Gold was better at 85 cents after posting a 15 cents gain on its share price. Formerly Cornucopia Gold Mines, Valley View is developing the Clementine mine northwest of Phoenix Ariz. to production, in a joint venture with East West Resources.

Previous work on the property established open pit reserves of about 500,000 tons at grades up to 0.10 oz. The potential exists for expansion, Valley View reports.