Alberta Sotck Exchange Mohave trades high

An announcement that Mohave Gold has delivered a letter of intent to buy and Nevada-based gold/silver producer called Canyon Development Mining Inc., made Mohave one of the most active traders.

With 496,200 shares changing hands — the session’s second highest — the issue gained 16 cents to close at 63 cents .

The acquisition includes a surface stockpile of 225,000 tons grading 0.03 oz gold and 1.0 oz silver per ton. Canyon is currently processing ore at a rate of 300 tons per day and Mohave plants to increase production to 1,000 tons daily.

During the last few weeks, large blocks of the International Baslen issue have crossed the floor as investors continue to anticipate the results of exploration at the company’s 3,000-acre gold property at Val d’Or, Que.

This week proved no exeception as Baslen traded 497,000 shares on news that the company is about to move a recently acquired head frame onto the property. However, the issue dropped 4 cents from its share price to close at $1.45.

Glencairn Explorations was up 12 cents to close at 62 cents after trading on 28,700 shares. The company recently signed an agreement to earn a 50% interest by spending $450,000 in a Brazilian mineral company called Mineracao Piracicaba Ltda.

The Brazilian company’s main asset is a wholly-owned alluvial diamond deposit in the Brazilian State of Bahia.

Pelham Gold remained relatively quiet, dropping 2 cents despite an option agreement with Pacific Gold Mines of California to develop several U.S. precious metals properties.

The agreement allows Pelham to earn a 50% interest in a former producer called the Wonder mine which yielded 41 assays of vein material (of unknown width) averaging 2.45 oz gold and 3.03 oz silver. An additional 31 vein channel samples averaged 1.87 oz gold an 2,000 oz silver over an average width of 23 ins, Pelham says.

Trading on 79,000 shares, the Pelham issue closed at 70 cents .

Golden Shadow Resources dropped 14 cents to close at 30 cents despite an encouraging progress report from the Noramco Group of a $2-million program at the Central Patricia Property in northwestern Ontario’s Pickle Lake area.

Significant results from drilling on the Springer zone include 15 ft grading 0.383 oz, 4.5 ft grading 1.419 oz and 2.9 ft of 0.345 oz, the company said recently.

Golden Shadow holds a 15% participating interest in the property.