Alberta Stock Exchange Eden Roc gets financing

Following the release of a new reserve estimate for its gold property in Ivory Coast, Eden Roc Mineral has managed to line up financing to develop the project. The Africa Growth Fund has agreed to invest US$2.5 million in the large concession, providing Eden Roc can find another investor willing to match this figure. Estimating proven and probable reserves of 1.5 million tonnes grading 3.96 grams gold per tonne, Edon Roc remained unchanged at 55 cents on a volume of 5,000 for the week ended Dec. 31.

With interests in over 1,000 claims in the Harker-Holloway area of northeastern Ontario, Perrex Resources has formed a joint venture with GSR Mining to mine and explore a Garrison Twp. gold deposit. The partners will mine a minimum of 45,000 tonnes of ore grading 6.2 grams from an open pit on the property. Trading 5,000, Perrex remained unchanged at 5 cents.

White Gold Ventures says that its plan to acquire a calcium carbonate property in Mexico has fallen through. Having spent $230,000 on the property, White Gold intends to take legal action against the vendor, which failed to meet the necessary regulatory requirements for the sale. White Gold slipped 3 cents to 20 cents on a volume of 10,000.

Savanna Resources continues to trade heavily on speculation surrounding its properties in California and Oregon, which were recently optioned to two major mining companies, Cyprus Metals and Cominco. This week, Savanna gained 12 cents to close at 40 cents on a volume of 456,900.

Intending to enter production on its 50% owned Wang Nua gold prospect in northwest Thailand this year, Bayaura Mines gained 2 cents to close at 42 cents on a volume of 170,000. Exploration on the property indicates a gravel reserve of up to 24 million cubic metres with an average grade of 4.8 grams gold per cubic metre.

Inactive for the past year, Jerome Gold Mines plans to amalgamate with International Platinum Mining, a privately owned company based in Ontario. International Platinum owns a precious metals property in Queensland, Australia.

Under a letter of intent between the two companies, Jerome’s former shareholders will own about 15% of the amalgamated company. Jerome did not trade this week.