Alberta Stock Exchange Mohave buys producer

For the third week in succession, Mohave Gold was one of the big traders following news that the Calgary company will buy a Nevada- based gold-silver producer called Canyon Development Mining Inc.

Trading on 358,200 shares, the issue gained 3 cents to close at 60 cents . Although the details haven’t been revealed, a production announcement at the company’s Pilgrim mine in Arizona is expected to keep Mohave among the more active stocks.

In an otherwise uneventful session, Suffolk Resources gained 3 cents to close at 18 cents . Buoyed by a production announcement from the company’s placer gold prospect in the Ivory Coast of West Africa, the issue was trading on a healthy volume of 231,400 shares.

The Seadrift International issue dropped 19 cents to close at $2.30 despite news of some encouraging drill results at the company’s 100%- owned Aldermac property near Rouyn-Noranda, Que.

According to Seadrift President Jim Brady, a 25.1-ft massive sulphide intersection grading 1.16% copper, 4.31% zinc, 0.44 oz silver per ton has extended the No 8 zone down dip for 450 ft. A second hole which intersected 161 ft of massive sulphides grading 0.66% copper, 5.47% zinc and 0.76 oz silver has also extended the size of the zone, said Brady.

A shaft blockage has delayed a dewatering program at Jerome Gold Mines and Muscocho Explorations’ Jerome Gold joint venture property 100 miles northwest of Sudbury, Ont.

However, commissioning of a hoist this month, will provide access to the blockage, allowing an $8-million dewatering and exploration program to continue, Jerome says. As a result, the Jerome issue remained reasonably steady, gaining 2 cents to close at 50 cents .

There was no movement in the Biron Bay Resources’ share price this week. It remained at $1.90, even though the company will embark on a joint venture with Hecla Mining of Canada to complete a feasibility study at Acadia Minerals’ Mooseland gold project in Nova Scotia.

Under the agreement, Biron Bay can earn a 25% interest in the project by spending $9.5 million in installments over a one-year period.

While it didn’t trade this week, Stratabound Minerals has completed a $68,100 private placement of flow-through shares at 75 cents per share to finance drilling at its Indin Lake property in the Northwest Territories.

The company has also reached agreements with Ardic Exploration of New York and Calgary-based Borealis Exploration to sell its interest in a couple of Northwest Territories exploration permits for $175,000.

Trading on 13,900 shares the Borealis issue gained $4.88 to close at $16.38.