Alberta Stock Exchange: Pennant Pacific best gainer

Wednesday close, Nov 12

The largest gain for the week was made by Pennant Pacific Resources, the foreign controlled junior which is getting into gold mining. The company, which added $1.50 on the week to close a shade under $7, has completed a 50% acquisition of Gloucestershire Investments Pty. The latter company has gold mining interests in Australia and the U.S. Gold production by the group in 1987 is forecast at 120,000 oz, Pennant says.

Madeleine Mines continued to hold on to recent gains, trading quietly at $5.25. Talk continues of an impending deal with a large foreign company which would lead to development of the company’s platinum deposit north of Thunder Bay, Ont.

Anyox Metals, which has a 29.75% interest in Madeleine, has acquired a prospective platinum property from Madeleine in the same area. The issue remained quiet at 80 cents .

Golden Briar Mines gave up some ground to 65 cents . Rumours last week pushed the issue over 70 cents on talk that a good hole had been pulled from the company’s Casa Berardi area gold prospect. No assays have been released to date.

Colray Resources continued sideways trading at 65 cents . The company optioned one of its grassroots gold plays in the La Ronge, Sask., area to Mahogany Minerals. Citadel Gold Mines, which has a stake in a Wawa, Ont., area gold deposit, added 25 cents to $2.75. Marker Resources, which is busy exploring several grassroots properties near Flin Flon, Man., added a dime to 75 cents .