COATS Trading Features (October 17, 1988)

Trading was quiet as mining issues continued to drift in a lethargic market that has characterised the past several weeks.

Prices were easier for Boston Bay Mines which tested a new low of $2.50 this week. Chance Mining is managing to hold its own in the 35 -40 range, while Exxeter Resources saw increased volume and moderate trading at the 45 -50 level. Exxeter has gold properties in Nevada and northern Quebec.

Well heeled Atlantic Goldfields, believed negotiating for a participation in a diamond play in Africa, saw renewed buying around the 85 level. Last year this issue saw over- the-counter trades at $7 per share.

South American Goldfields was steady this week at 68 . The company recently closed two private placements totalling $350,000 and is now adequately financed to proceed with an initial 3,500-ft diamond drilling program on its gold property in Guyana, where Homestake International Minerals is spending $2 million and is operator of the project.

The property is comprised of three 20 square mile mineral concessions including an old gold mine that produced 50,000 oz between 1904 and 1909. The gold occurs in a complex quartz vein system with an average grade of 1.0 oz per ton over widths of 4 to 30 ft. Recent drilling by the Guyana Geological Survey showed mineable grades exist to at least the 600-ft level.