Alberta Stock Exchange Naxos emerges

Trading on a healthy volume of 484,000 shares, the issue gained 47 cents before closing at $1.46.

The Peter Island issue continued to draw investor interest as indicated by the number of shares changing hands this week. With 508,600 crossing the floor, the issue continued to upward spiral closing up 4 cents at 99 cents .

A drilling program is in progress at Peter Island’s Barnet Twp. gold property near Kirkland Lake, Ont., which yielded encouraging gold intersections in the 1950s. News that Stratabound Minerals is in a strong position to continue drilling its CNE zinc-lead-silver deposit near Bathurst, N.B., had the reverse affect on the company’s share price. It was off 3 cents , closing at $1.71 on weak volumes.

Latest reports from the project are that a 59-ft interval has assayed 10.65% zinc, 5.30% lead, 4.95 oz silver per ton and 0.011 oz gold and 0.15% copper.

The Golconda Resources issue gained 5 cents on news that it is overcoming earlier difficulties with drilling at its Star City gold property in California. The company is using a new drilling system to test for higher-grade gold zones below a “sinterzone” where gold mineralization has already been discovered.

Bitech Corp. says it has signed a letter of intent to option a property that adjoins to the northwest of the Corona Corp., Varna Gold joint venture on Newfoundland’s Baie Verte Peninsula.

Varna and Corona are focusing on two separate gold zones which have yielded encouraging results to date, including 0.36 oz gold over 118 ft. However, the Bitech issue remained steady at 30 cents .

The BMR Gold issue continued to make progress this week following an announcement that affiliate Reese River Resources has signed an exploration deal on a large Nevada gold property.

Hopes for success lie in the property’s location between gold mines owned by both Echo Bay Mines and Battle Mountain Gold.

BMR gained 11 cents this week, on 55,600 shares before closing at $1.07.

Trading on only 7,900 shares, the Champion Bear issue was also a strong performer this week, adding 20 cents before closing at the $2 mark.

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