Alberta Stock Exchange Indigo in option deal

An option to earn a 50% interest in the New 3, New 4 and Joy 12 claims in the Iskut gold camp of northwestern British Columbia has been acquired by Indigo Gold Mines from VSE-listed International Prism Exploration. The deal calls for Indigo to make total payments of $88,000 and exploration expenditures of $1.5 million by the end of 1993. Trading 112,100 shares for the week ended July 3, Indigo slipped 4 cents to 35 cents. Shareholders of Kalrock Developments recently approved an amalgamation with VSE-listed Flint Rock Mines. The new company is to be known as Kalrock Resources and will continue to be traded on the ASE; Flint Rock will be delisted from the VSE. Kalrock’s shares are being exchanged on a share-for- share basis; six shares of Flint Rock are being exchanged for one share of the amalgamated company. Kalrock Developments was 20 cents bid-20 cents ask on the week.

Savanna Resources, which dropped 11 cents to 32 cents on 122,600 shares, is optimistic about its Turner Albright gold-zinc-copper-cobalt project in Oregon. The company says recent work there extended the deposit by 400 ft. to the east and added additional reserves of 387,000 tons grading 0.18 oz. gold per ton, 1.09% copper and 2.32% zinc.

The board of Gold Vessel Resources approved an agreement with VSE-listed Catear Resources whereby the former will subscribe to a $250,000 private placement with warrants attached and to a flow-through-share private placement worth a minimum of $500,000 and a maximum of $3 million. Gold Vessel, which traded 23,300 shares and fell 4 cents to $1, has also worked out a deal with a Swiss bank to purchase a 9% convertible debenture of Catear.

Naxos Resources reports it has entered into an agreement with an Arizona company to construct a pilot plant to test the economic potential of extracting precious metals from water underlying the Death Valley property in California. Naxos, which dropped 74 cents to $2.10 on 183,400 shares, says the pilot unit will cost an estimated US$20,000.