Alberta Stock Exchange Borealis surges

Borealis posted a whopping $3.13 gain during trading this week to close at $6.63. While trading on fairly low volumes, the issue has gained close to $4 in the space of about two weeks.

In the early months of 1988, Borealis was riding high at around $19, but lack of progress at the company’s Fat Lake gold project in the Northwest Territories caused a stone-like drop in the share price.

Cox attributed the free fall to a short selling binge that wiped millions from the value of his company. He attributes the recent price increase to speculation regarding future farm out deals on Borealis properties.

Another issue which has been active in recent sessions is Louisiana Mining. After gaining 33 cents in two weeks, Louisiana issued a statement saying that it was undergoing a change of control. The company says it will also attempt to bring its MMV No 1 gold property into production in the near future. Located in Glendale, Nev., the property hosts 6.9 million tons of grade 0.069 oz gold per ton and a vat-leaching operation is envisaged.

News that Durga Resources has optioned a 250-ton-per-day flotation mill with 45,000 tons of stockpiled lead/zinc ore on site, resulted in a 10 cents leap in the company’s share price. The mill is located in the Yellowpine mining district in southwestern Nevada.

Durga has the right so purchase the mill and ore for $160,000(US) in cash. The company must also issue 75,000 common shares and a 10% net profit interest carried to a maximum $275,000.

The Varna Gold issue was up 9 cents following news that Uranerz Exploration and Mining of Saskatoon will take a look at some of Varna’s properties with a view to a future joint venture. The agreement gives Uranerz the right to earn a 60% stake in any Varna property it chooses.

While Savanna Resources was the session’s biggest trader with 403,000 shares changing hands, the issue lost 6 cents before closing at 61 cents . The interest in Savanna has been sparked by a joint venture deal with Aur Resources on Savanna’s Turner Albright polymetallic property in southern Oregon.

Another big trader was the Baloil Resources issue. It traded over 163,000 shares following news that Baloil is purchasing a group of claims located beside its Sumit property in British Columbia. The claims being bought are held by Goldrich Resources.

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