Alberta Stock Exchange (January 02, 1989)

The former Mill City Gold Inc. recently received the green light for a consolidation of issued and outstanding common shares and Class B preferred shares on a one for 10 basis.

The company is involved in exploration at the Tyranite gold property in Ontario where underground and bulk sampling programs are planned. Trading on 3,500 shares, it closed at 80 cents

Bitech Energy Resources continued to perform strongly following some interesting results from the Nugget Pond gold property on Newfoundland’s Baie Verte Peninsula.

Trading on 445,000 shares, the Bitech issue was up 18 to close at 83 cents

Bitech recently increased its Baie Verte land position by agreeing to acquire a 100% interest in Betts Cove Minerals, a private Newfoundland company in which two Bitech insiders are shareholders.

Pelham Gold was another big trader. With 217,000 shares changing hands, it was up 9 to close at 48 cents Pelham and partner Cumo Resources were involved this year at a tailings project at Nakina, Ont.

In the first stage of a $5 million program funded by Pelham, Cumo was scheduled to process existing gold contained in 140,000 tons of tailings grade 0.033 oz gold per ton and 25,000 tons of surface ore. The tailings material was valued at $2.8 million.

The Storimin Exploration issue gained 10 following an announcement that drilling has resumed at the Moss Lake gold project 70 miles west of Thunder Bay, Ont. Storimin and joint venture partner Tandem Resources are looking at the possibility of a large tonnage, lower grade operation.

News that Monte Carlo Gold Mines has finalized a royalty agreement with the Aruban government over some mining concessions on the Caribbean island did little for company’s share price. Trading on 25,400 shares, it remained steady before closing at 45 cents

A sliding scale royalty gives the government a 6% royalty for the first four years of production rising to 10% in the tenth year. The company is currently preparing a feasibility report on gold recovery from an Aruban tailings project.

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