Alberta Stock Exchange Baloil big trader

They include the Baloil Resources’ issue which distinguished itself by posting an 11 cents increase on the session’s largest volume of 561,200 shares. The reason for all the activity is an agreement which gives Baloil the right to purchase from Goldrich Resources a number of claims in British Columbia’s Kootenay region.

Situated beside Baloil’s Sumit gold property, the Ore Hill claims contain a former silver-lead-zinc mine which produced ore at an average grade of 0.7 oz gold per ton.

Octan Resources appeared this week to have escaped the current silver malaise which prompted United Keno Hill Mines to shut down three of its Yukon silver mines.

If silver remains at around $5.80 (US) per oz, Agnico-Eagle Mines will suspend all silver production in the Cobalt, Ont., region.

After buying three former silver producers from Terra Mines, Octan is attempting to arrange the necessary financing for a 3-year program at its Great Bear Lake silver claims 250 miles northwest of Yellowknife, N.W.T.

Trading on a volume of 29,400 shares, the Octan issue gained 20 cents before closing at $1.20.

Also adding 20 cents to its share price was Louisiana Mining. The issue was responding to news that control of Louisiana is being acquired by Gordon F. Lee of the Calgary- based First Commercial Financial Group.

First Commercial and affiliate Force Resources of Vancouver are involved in gold exploration in Nevada’s Moapa Valley where Louisiana Mining is working on a new procedure to determine ore grades at its MMV No 1 gold project near Glendale, Nev.

A reserve inventory of 6.9 million tons of grade 0.07 oz has already been outlined on Louisiana ground, but Chairman Cade Havard believes that a new pilot facility will prove that grades have been seriously understated.

With Lee holding about 20% of Louisiana’s outstanding shares, the three companies will embark on a joint venture designed to bring the MMV No 1 into production.

The Varna Gold issue gained 7 cents on news that it has successfully acquired a 100% stake in Gingrich Exploration’s Tilt Cove gold claims in Newfoundland for $250,000.

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