Alberta Stock Exchange Douay dispute resolved

Partners Golden Rule Resources and Northern Abitibi Mining have settled a legal dispute with Inco, Cambior and Vior over optioning of a gold property in Douay Twp., Que. Under a new agreement, Inco and Vior can earn a 50% interest in 78 of Northern Abitibi’s claims by spending $1.5 million over four years. Cambior will be entitled to a 1% net smelter return. Golden Rule now owns about 75% of Northern Abitibi, while Northern Abitibi controls the 152 claims on the Douay-Demazures property.

Trading 2,500 shares, Northern Abitibi remained unchanged at 60 cents for the week ended Jan. 22.

Another legal battle involving Long Range Resources and Varna Gold has also been resolved to the satisfaction of both parties. Varna shares remained steady at 8 cents on a volume of 37,000. Long Range was 40 cents bid, 45 cents ask for the week.

The equity ownership picture at Stratabound Minerals has changed somewhat after the Caparo Group of London, England, increased its holdings to 820,979 shares or about 22.4% “for investment purposes.” Stratabound also intends to make an issuer bid which would allow it to purchase up to 5% of its outstanding shares. Stratabound, which owns a lead-zinc deposit in New Brunswick, remained unchanged at 90 cents on a volume of 123,600.

A follow-up sampling program on Naxos Resources’ Pulchena property in Chile recently returned anomalous gold values of up to 0.11 oz. per ton gold along 1.5-mile alteration zone. The company is considering a joint venture partner for the property. Trading 8,800, Naxos slipped 3 cents to close at 40 cents.

Former over-the-counter issue Manor Resources has been posted for trading on the Alberta exchange. Manor is a mineral exploration company with properties in Nova Scotia, Newfoundland, and Ontario. Exploration activity is currently focused on the Virginia gold property in central Newfoundland.