Alberta Stock Exchange Pezim moves in

During Viking’s first week of trading, volumes were generally higher and a number of issues made considerable progress.

While Pezim is known primarily for his role in gold exploration, International Viking has been set up as a vehicle to promote oil and gas exploration. The issue began trading at 60 cents and by press time had climbed to 88 cents . With 500,400 shares changing hands it was the session’s biggest trader.

Borealis Exploration climbed out of a its recent tailspin. A short selling binge dropped the issue to below the $4-level last week. But it was back up to $5.25 this week after gaining 35 cents .

Strong zinc prices are thought to be the reason for the strong performance of both Borealis and its 32%-owned affiliate Noble Peak Resources.

In addition to its Northwest Territories gold properties, Noble Peak has outlined a large zinc-silver-gold deposit at the Crypto project in Utah. Reserves have been estimated at two million tons grading 9% zinc.

BHP-Utah has the option to reacquire a 50% interest upon completion of a feasibility study by funding the project to production.

Glencairn Explorations dropped 4 cents following news that Aur Resources has decided not to exercise its option to finance Glencairn’s Brazilian diamond project to production.

Preferring to concentrate on its Val d’Or gold projects, Aur Resources won’t buy 300,000 Glencairn shares for 85 cents each or provide up to $5 million in production financing. As a result, Glencairn must seek other financing sources.

News that Guiness Gold Resources has agreed to acquire all of the outstanding shares of AVIP Resources, resulted in a 10 cents increase on the Guinness share price.

Guinness regards the acquisition as an opportunity to diversify into the base area through a number of Newfoundland properties held by AVIP. Trading on 66,200 shares, the Guinness issue closed at $2.05.

According to The Northern Miner’s Alberta stock tables, the Toburn Gold Mines issue was up 50 cents to close at $1.50. However, President Pat Sheridan claims that the Toburn issue has been trading in the $1.50 range all along and that there is no substantial reason for the apparent increase.

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