Alberta Stock Exchange Gallery Gold doubles

The share price of Gallery Gold doubled to 50 cents, up from a low of 24 cents during the week ended March 6. Nearly one million shares changed hands before trading was halted today, March 7, pending the release of news regarding plans for the company’s placer gold project at Lightning Creek, B.C. Gallery plans to start production of a large-tonnage, low-grade placer mining operation this summer. The company hopes to process 10,000 yards of material per day with an average grade of $5 per yd. Mining costs of $1.50-2.50 per yd. are anticipated, according to Gallery. Funding is coming from two recently completed private placements and an $830,000 loan agreement with Catalyst Capital.

Kingswood Explorations moved lower by 4 cents to close at 61 cents on volume of 511,000 shares. The company has three large properties in the Casa Berardi area of northwestern Quebec and is drilling on two of them, but no results are available yet.

Also active this week were the shares of Bayaura Mines which gained 1 cents to close at 37 cents. The company has a 20-claim gold property near the Golden Patricia gold mine in northwestern Ontario.

A new property acquisition was made recently by BMR Gold near the company’s America mine project, 120 miles south of Las Vegas. BMR says recent drilling on America mine property intersected 100 ft. grading 0.13 oz. gold per ton in a hole drilled 400 ft. west of the main West zone. The BMR issue slipped 9 cents to close at $1.55.

Shares of junior explorer Golden Crescent slipped 41 cents to $1.30 during the report period. Golden Crescent is participating in a joint venture to fund exploration on several Ontario gold properties owned by Placer Dome. So far, the Talbot Lake prospect, east of Pickle Lake, has been the focus of significant drilling and sampling work.

Posting a gain of 5 cents to close at 25 cents on volume of 238,700 shares was Savanna Resources, which owns the Turner-Albright copper- zinc-gold deposit in southern Oregon.

Two big gainers were Pinnacle Resources, which closed up 20 cents at $4, and Naxos Resources, which tacked on 55 cents to its share price before closing at $2.37. Naxos is conducting drilling and exploration work on a gold-silver lease near Franklin Lake, Calif.

With drilling work under way on the former Poirier zinc-copper mine property in northern Quebec, Bonanza Metals was easier by 4 cents and closed at 70 cents on volume of 21,800 shares.