Alberta Stock Exchange Volumes pick up

Large blocks of the Bitech Energy Resources, Casamiro Resources and Pelham Gold issues crossed the floor as investors responded to some interesting developments on the exploration front.

News that Equity Silver Mines could earn a 50% interest in Bitech’s Nugget Pond gold property in Newfoundland has done nothing to stymie interest in the Bitech issue which dropped 13 cents before closing at $1.96. It traded over 1.55 million shares.

In a deal that has yet to be signed, Equity Silver would spend about $70 million to earn its interest and bring the project to production. Equity Silver is controlled by Placer Dome Inc.

While it wasn’t one of the volume leaders, Stratabound Minerals gained 40 cents during trading before closing at $1.80.

Investors seem to be responding to some drill results from the company’s CNE base metals property near Bathurst, N.B. where high grade lead zinc mineralization has been reported.

The latest program was designed to establish the continuity, tonnage and grade of the sulphide mineralization and results included 36.1 ft of 9.62% zinc, 3.94% lead and 0.05% copper. The Tarzan Gold issue rebounded this week to post a 15 cents increase in its share price. The company can earn a 50% stake in the Joburke mine property near Timmins, Ont., by spending $2 million on a program conducted by Noranda Exploration.

It recently completed 38 reverse circulation drill holes on the Hurtubise and St. Laurent Twp., Ont. claims which are held under option from Glen Auden Resources.

Vancouver-based Bryndon Ventures appears to have caught the attention of European financiers who recently injected close to a $1 million into the company’s treasury through a private placement.

Under the terms of a private placement, two leading mutual funds have bought 790,000 common shares in Bryndon for $1.20 per share.

Bryndon will use the proceeds to finance exploration at the Rossland gold project in British Columbia where some interesting results have been announced. The Bryndon issue was up 5 cents before closing at $1.40.

Casamiro recently spent $750,000 to rehabilitate the old mine workings at the Sherwood mine property on Vancouver Island. It also has a gold-silver property in northern British Columbia.

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