COATS Trading Features (December 22, 1986)

Errington Industrial was changed into Goldteck Mines on a one for one share basis. The new company, Goldteck, continued trading at $1.25-$1.30. The company is exploring a gold prospect near Matachewan, Ont. A cease trade order on Grandad Resources was lifted this week. The issue opened up at 50 cents -60 cents .

Canadian Gold Resources, which traded at 45 cents -48 cents , is busy with two gold plays. In Chester Twp., Ont., the company has completed 1,000 ft of drilling. One section of 4.5 ft graded 0.3 oz gold per ton. Near Beardmore, Ont., drilling is continuing on the Dik-Dik property. Estimated reserves on these claims total 20,000 tons grading 0.418 oz gold per ton.

Brown-McDade Resources remained quiet at 35 cents -45 cents . The company’s president says Brown- McDade’s future business will be directed towards cable television technology. Several mining properties, however, continue to be carried on the company’s books. Last week’s report stated that the company is getting out of the mining business — a fact disputed by a shareholder. As mining is no longer the primary focus of the company, we stand by our original assessment.

Portfield Industries gave up some ground to 25 cents -35 cents . The company has acquired a new CEO who plans to redirect Portfield’s business. No indication of where this redirection might lead is given by the company.