Alberta Stock Exchange Biron bucks trend

In the last vestiges of a long hot summer, the retail-oriented Alberta Exchange is still waiting for a fall buying spree to pull the market out of its current state of lethargy.

Volumes continued to be low and few issues progressed beyond a 3 cents to 5 cents gain, if they gained any ground at all.

Among the few exceptions were the Champion Gold and Biron Bay Resource issues which added 75 cents and 30 cents respectively to their share prices. As the official fundraiser at the Mooseland joint venture in Nova Scotia, Biron Bay has successfully raised $9.5 million for an ambitious underground exploration program.

Active of late, Biron Bay closed at $2.50 after 68,100 shares crossed the trading floor.

The discovery of some encouraging gold values at Varna Gold’s wholly-owned Mings Bight property in Newfoundland made Varna the session’s highest trader.

With 840,000 shares changing hands, Varna gained 5 cents to close at 85 cents . Grab samples taken from the so-called “Lightning zone” returned values from 0.134 oz to 3.850 oz gold per ton.

Also bucking the current trend was the City Gold issue. It added an impressive (by current market standards) 25 cents to its share price before closing at 75 cents .

The company is currently earning a 100% working interest in 107 claims in the Casa Berardi, Que., area.

News that Jascan Resources and partner Atlantic Goldfields may be unsuccessful in selling their 45% stake in the Noxon silver-copper deposit for $40 million(US), did little to help the Jascan issue.

Trading on only 18,400 shares, it dropped 7 cents to close at 72 cents . Buyer Montana Reserves Corp. has been unable so far to obtain the necessary financing.

The Tusk Minerals issue also lost ground despite news that it has reached an agreement with NIM Resource — 1988 and Co. to raise $120,000 for exploration at a La Ronge, Sask., gold property.

Gold bearing mineralization at the property has been traced for more than 9,000 ft along strike and previous drilling returned values of up to 0.39 oz over 5-ft widths. While Tusk is planning to produce 8,000 oz gold annually beginning next year from a tailings operation, the issue closed down 4 cents at 25 cents .