Alberta Stock Exchange Issues take a beating

In a week when investors around the world took an unprecedented beating, it’s hardly surprising that the Alberta Stock Exchange reported an almost endless string of casualties.

For most Alberta issues it was a question of how much had been lost during the most severe downturn this century.

Jascan Resources, for example, dropped $3.56 to close at $4.80 on a volume of $173,100 shares traded. It had been one of the outstanding traders in recent sessions.

Zahavy Mines also suffered heavily losing $1.74 to close at $3.50. as did Marker Resources which lost $2.49 to end the session at $4.00.

While the losses suffered by San Paulo Explorations seemed less severe by comparison, it was down 94 cents to finish at $1.10. The company plans to accelerate an exploration program with Teck Corp. on the old Leitch gold mine property near Beardmore, Ont.

San Paulo will spend $2.2 million by June 1988 and complete a 30,000 ft drill program by Feb, 1988. Of that amount, $1 million was raised through a private placement with a group of Hong Kong investors. The company also received $1.5 million in flow-through financing.

A joint venture agreement with Placer Dome Inc. involving Silver Resources’ La Ronge, Sask., gold properties, didn’t stop the issue from dropping 14 cents . Trading on a volume of 78,000 shares it closed at 15 cents .

Under the agreement, Placer Dome can earn a 60% interest in silvera’s Wapiyao Lake and Bing Lake properties by spending $750,000 on exploration. A 1987 drilling program has already indicated gold mineralization in two of 10 drill holes of up to 0.27 oz per ton. An additional $1 million in exploration expenditures would bring Placer Dome’s interest to 80%.

Hedman Resources was down 29 cents on news that the company has staked a number of claims representing a large holding on the relatively unexplored northern branch of the Destor Porcupine fault. The claims adjoin Hedman’s 29 leased claims which are being exploited for the industrial product Hedmanite.

However, it wasn’t all bad news. Twin Gold gained 15 cents to close at $3.00 on 1,100 shares traded. The Toronto-based company has 22 gold claims in Lingman Lake, Ont., where reserves stand at 440,000 tons of 0.41 oz gold per ton.