Alberta Stock Exchange Bitech on rise

As the price of gold bullion moved up to US$363 per oz. in the week ended April 9, shares of Bitech also rose to a high of 10 cents after the company said it has found a private backer to finance additional exploration work at its Nugget Pond gold property in Newfoundland. National Mineral Corp., a private company controlled by mining promoter Norman Brewster, has agreed to earn a 50% interest in the Nugget Pond property by investing $5.8 million. This summer, a $425,000 field program is planned for the property which hosts minable reserves of 499,000 tons averaging 0.37 oz. gold per ton. Bitech traded 285,200 shares to close up 3 cents at 10 cents.

.THolmer Gold Mines was unchanged at 50 cents after the company repurchased Chevron Minerals’ interest in its Bristol Twp. gold property near Timmins, Ont., for 400,000 shares. Chevron originally optioned a 50% interest in the property back in 1987 and has since spent about $1.5 million on exploration. The largest of four gold zones on the property contains preliminary reserves of 440,000 tons grading 0.15 oz. gold. The junior is seeking a new partner to expand the known reserves.

Trillion Resources rose 3 cents to 68 cents on volume of 104,200 shares after the company agreed to acquire a 50% interest in a small African gold mine by investing $2.5 million in new equipment and technical services. Following an evaluation of the Jena Mines operation in Zimbabwe, Trillion plans to begin upgrading the mine by mid-1991. The investment will expand production to about 500 tonnes per day from the current 150 tonnes per day. Material currently being mined grades roughly 4.5 grams per tonne, but recent drilling has yielded results as high as 33.5 grams per tonne over 2.2 metres.

Great Bend Resource has reached an agreement with privately owned Imperial Gold Resource that will see nominees of Imperial replace the current officers and directors of Great Bend. Imperial also proposes to vend certain of its mining claims in Saskatchewan and Manitoba to Great Bend which will issue 820,711 shares to settle previously accrued debt. Great Bend traded 42,500 shares to close at 10 cents.