Alberta Stock Exchange Borealis takes a dive

The Borealis Exploration issue took the biggest dive during trading this week. With only 4,600 shares crossing the floor, Borealis dropped $1.99 from its share price before closing at $5.

Short selling has been blamed for the decline in a stock which was trading in the $18 range this time last year. “The short sellers are having a field day,” said Chairman Rodney Cox. “But they have to buy the stock back again,” he said.

Bitech Energy Resources continues to be a strong trader although it has lost some of its recent momentum. Bitech dropped 8 on 283,100 shares to close at 75 .

After recent drilling at the Nugget Pond property in Newfoundland, Bitech has outlined an estimated reserve inventory of 259,396 tons grading 0.44 oz. The company is taking a hard look at the drill data before going ahead with more exploration.

The Gunnar Gold Mining issue started trading again after the company announced a one for 10 share consolidation. However, with 12,400 shares changing hands, it remained steady this week at 55 .

Gunnar is commiting itself to the Tyranite gold property in Ontario where an underground exploration program will explore the on- strike and down dip extensions of the old mine’s dominant gold- bearing structure. The Fireweed ploymetallic property near Smithers, B.C. is also considered a priority by Gunnar which can earn a 50% interest.

Some encouraging drill results from the Brabant Lake property in northern Saskatchewan has given Gamsan Resources a post-Christmas boost. It gained 10 during trading and closed at 75 .

Gamsan said assay results from a December drill program have confirmed the presence of a lens of high-grade polymetallic mineralization. Drilling intersected 13.8 ft of massive sulphides carrying 10.1% zinc, 0.7% copper and 0.4 oz silver per ton. The property has previously been shown to contain 3.5 million tons of drill-indicated reserves.

The Jerome Gold issue was ahead 2 to close at 47 following news that the company has succeeded in raising $500,500 for exploration at the Jerome gold mine property in Huffman Twp., Ont.

Jerome and partner Muscocho Explorations have until April to prove up enough reserves to allow the company to raise the $2.5 million needed to buy the property from E.B. Eddy Forest Products.

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