Alberta Stock Exchange Pelham, big trader

Another junior exploration company has fallen victim to the Oct 19 market downturn. Monte Carlo Gold Mines, which has had trouble getting the financing to explore its Aruba Island gold prospect, has failed yet again.

The company says a private placement of 500,000 commom shares at $4 per share with a European investment house will not proceed due to present market conditions.

However, Monte Carlo said it is currently negotiating a $1.95 million placement with a couple of investors and the results will be known within 10 days. The Monte Carlo issue responded to this news by dropping 9 cents to close at $1.00 on 18,200 shares traded.

It is interesting to note that the Monte Carlo issue traded at $6.25 on May 11, 1987.

There was better news for the shareholders of Core Explorations. Following a Jan 7 meeting, the company has acquired a 25% interest in the 52-claim Golden Gate property.

Core says it has obtained an option to acquire the remaining 75% interest in the property which is located southeast of Kenora, Ont. During a recent evaluation program there 116 samples taken and 55 assayed at values ranging from 0.06 oz gold per ton to 2.12 oz.

Following this latest acquisition the Core issue gained 7 cents to close at 38 cents on 19,000 shares traded.

As one of the week’s big traders, Vancouver-based Pelham Gold added 17 cents to its share price to close at 34 cents on a volume of 270,000 shares. According to Pelham sources, the share activity comes as Pelham and partner Cumo Resources are about to re-open the old Nakina gold mine near Timmins, Ont.

It was closed down in 1984 due to falling gold prices and the joint venture partners expect to process 4,600 oz which lies in the Nakina tailing pond before starting a drill program.

Marshall Minerals gained 16 cents after the company announced that it has obtained $7 million for exploration on some of its Timmins area properties. Under a recent agreement, Gold Vessel can earn a 25% working interest in Marshall’s 55%-owned Sangold property 60 miles west of Timmins by spending $4 million on exploration.

By spending $3 million, Ste. Genevieve Resources can earn an undivided 30% interest in Marshall’s contiguous Carshaw-Malga properties.

With 8,500 shares changing hands the Marshall issue closed at $1.50.

Recent speculation on the Rapparee Resource issue which forced a $1.05 increase in the share price last week, seems to have subsided.

Despite activity on a number of projects, including a 10,000-ft drill program at the Outpost Island gold property near Yellowknife, the Rapparee issue dropped 44 cents on 24,100 shares traded to close at $4.55.