Alberta Stock Exchange Jen-Tek issue halted

Due to the higly unusual trading activity of the Jen-Tek Enterprises and Explorations issue, the Alberta Stock Exchange issued a halt trading order this week on the company’s shares.

A press release by the Don Mills, Ont., company says there was a substantial discrepancy between the actual number of issued shares which were trading and the number of shares which records suggest should have been trading.

According to Jen-Tek, an investigation has found that the shares for a private placement were issued without the approval of the Alberta Stock Exchange. According to the press release, stock options were issued by former directors to themselves without ASE approval.

Incorporated in 1983, Jen-Tek is currently attempting to amalgamate with a pharmaceutical company called Zade International Inc. When the shares last traded on Feb 26, it closed at 59 cents on a volume of 94,500.

“Jen-Tek’s lawyers are currently working with the Exchange to resolve the matter,” said Tim Daly, market surveillance officer for the Alberta Stock Exchange.

For the second week in succession, Suffolk Resources was a big trader. With 417,700 shares changing hands, the Suffolk issue lost 7 cents to close at 15 cents . According to a company spokesman, the issue is responding to a production decision at Suffolk’s placer gold property in the Ivory Coast of West Africa.

Large volumes of the Mohave Gold issue have also changed hands following a recent announcement. About two weeks ago, the company said it plans to buy a Nevada-based gold/silver producer called Canyon Development Mining Inc.

In other news, a number of programs designed to test reserves at Mohave’s Pilgram mine in Arizona are about to get under way. Trading on 292,000 shares, the issue lost 5 cents from its share price to close at 57 cents .

Mohave says its will process underground and open pit ore through a 200-ton-per-day cyanide leach plant, dewater the lower levels, and conduct infill drilling to upgrade reserves which stand at 550,000 tons grading 0.06 oz gold per ton.

Some good results from a former gold producer called the Jerome Gold property has given a recent boost to the Jerome Gold Mines issue. Trading on 14,000 shares, it recently gained 6 cents to close at 48 cents .

Jerome and partner Muscocho Explorations are currently spending $8 million on underground exploration at the Sudbury, Ont., area property which produced 56,818 oz gold from 1941 to 1943.

Drilling so far has indicated significant ore-making potential in the “South zone” which can be readily accessed by crosscutting on the 500-ft level, Jerome says.