Alberta Stock Exchange (December 26, 1988)

Alberta saw a sudden surge in volumes this week following news that the Canadian dollar has stabilized on foreign exchange markets. Bitech Energy Resources was easily the volume leader in the mining and metals group. With more than a million shares changing hands, the issue gained 7 before closing at 65 . The Toronto company has increased its land position southwest of the Nugget Pond gold project in Newfoundland’s Baie Verte Peninsula where the company has encountered some encouraging drill results.

Bitech has reached an agreement in principle to acquire 100% undivided interest in Betts Cove Minerals, a private Newfoundland company in which two Bitech insiders are shareholders.

Casamiro Resources was fourth in the volume standings with 361,100 shares changing hands, it was also up 7 to close at 42 .

Casamiro spent $750,000 last year on exploration and to rehabilitate old workings at the Sherwood mine property on Vancouver Island in B.C.

The Guinness Gold issue closed up 7 at $1.72 following news that it has arranged for $1 million in flow- through financing to fund exploration at the Randall Lake joint venture in northwestern Ontario and other projects.

At Randall Lake, Guinness and partner the Moss-Power Group have identified gold mineralization along a 7,000 ft section of a shear zone called the North Caribou River fault.

Shareholders this week approved the amalgamation of Northern Ranger Minerals and Rockford Minerals into a single company called Rockford Minerals Inc. When the merger is complete there will be 14.3 million common shares outstanding and exploration will focus on the Larder Lake, Ont., project where Rockford holds a 30% interest.

The amalgamation failed to ignite the Northern Ranger issue which gained only 2 before closing at 17 .

While it has received from Placer Dome Inc. probable ore reserve estimates from the Omai gold property in Guyana, the Golden Star Resources issue was down 19 to $2.40.

Based on results of 48 drill holes and previous work by a former operator, open pit reserves at Omai are estimated at 22.4 million tonnes grading 0.053 oz gold per ton at a cut off grade of 0.029 oz cut off grade.

Gold Vessel Resources dropped 24 from its share price to close at 50 following an announcement that a the first closing for a reduced offering of between 3,000 units ($3 million) and of 15,000 units ($15 million) is Dec 16.