Alberta Stock Exchange Glencairn moves up

While at least one Toronto investment advisor has admitted to being mildly worried about the direction of gold prices — he expects it to drop to $370(U.S.) per oz — a Toronto-based gold company called Aur Resources is preparing to invest in Brazilian diamonds. .T Aur Resources has signed a letter of intent to buy 300,000 shares of Glencairn Explorations at 85 cents per share. The proceeds are to be spent on the Feijao Cru diamond deposit where Glencairn is currently earning a 50% interest. Reserves at Feijao Cru stand at 537,000 cu m grading one carat per cu m. While Aur has yet to visit the property, it is seen by the company as a short term money spinner, the agreement was good news for Glencairn Explorations. It’s share price went up 30 cents to close at $1.20.

In an otherwise flat trading session, most of the big traders like Varna Gold and American Ore Ltd. lost ground. Varna dropped 21 cents from its share price to close at 60 cents while American Ore closed down 3 cents at 23.

Varna can earn a 50% interest in the Jackson’s Arm property in Newfoundland where anomalous gold values grading up to 0.038 oz gold per ton were encountered.

Eden Roc Minerals gained 1 cents in trading following news that the company has signed an agreement with the Ivory Coast of West Africa’s government run mining company to continue exploration on the Asupiri deposit.

A pre-feasibility study has recommended specific underground exploration plus construction of a pilot plant.

Executives at Springlake Resources will be hoping that the company will fare better now that it is changing its name to Savoy Minerals Ltd. Springlake was trading this week at 4 cents .

Assets of the new company will include the Pilot Bay zinc stockpile deposit near Crawford Bay, B.C. The deposit is known to contain 51,600 tons of lead/zinc ore grading 11% zinc, 3% lead and 1.460 oz silver per ton.

There was no trading on the Jascan Resources issue despite an announcement that it has sold its 22.5% interest in the Noxon silver deposit in Montana to Montana Reserves Corp. for $4 million(US) in cash on closing.

As part of an agreement, Jascan is scheduled to receive $6 million plus accrued interest on Dec 30 plus a 10 cents per short ton royalty. Jascan and partner Atlantic Goldfields originally purchased a combined 45% interest at Noxon for $3.5 million.