Alberta Stock Exchange Twin, Louisiana active

A number of Alberta issues eased themselves out of the summer doldrums to post some substantial gains during trading this week. Leading the way were Twin Gold Mines and Louisiana Mining. They both added 40 cents to their respective share prices on a day when investors were supposed to be mindful of the twin spectres of renewed inflation and higher interest rates.

Louisiana, which closed at $1 on 118,500 shares, recently announced a joint venture agreement with Billiton Minerals U.S.A. to explore a 3,000-acre gold p roperty in Inyo Cty., Calif.

Some 30,000 oz of proven and probable gold reserves are expected to be enlarged in conjunction with Louisiana’s nearby Briggs project.

Twin Gold recently sold 62% of its shares to Agassiz Resources which is spending $3.5 million on underground exploration at the Lingman Lake gold deposit in northwestern Ontario. The property hosts a reserve inventory of at least 1.5 million tons grading 0.26 oz per ton gold. Trading on only 1,000 shares, Twin Gold closed at $2.15.

The International Baslen issue was back to its winning ways this week after losing a lot of ground during recent trading sessions. Baslen currenly holds an option to purchase an interest in a holding company formed to hold some disputed claims in the Hemlo, Ont. area. The fact that the claims host Hemlo Gold’s Golden Giant mine, has focused a lot of attention on an otherwise undistinguished company.

Trading on 247,400 shares, the Baslen issue was up 13 cents to close at $1.02.

Also among the more active traders was the Sweany Gold issue. With a healthy 164,000 shares changing hands, the issue added 1 cents to its share price to close at 4 cents .

Sweany’s interests include the Regina Bay tailings project near Sioux Narrows, Ont. which contains about 30,000 tons of 0.106 oz gold. According to a feasibility study, net profits from a 100 ton-per-day operation would be $249,000 Sweany says.

The Quinteko Resources issue remained steady on news that it has agreed in principle to amalgamate with Taqshota-Nipigon Mines and McAdam Resources.

Quinteko says the proposed amalgamation is designed to consolidate the interests in both the McWatters and Spud Valley gold properties. Trading on 55,500 shares, Quinteko closed at 13 cents .

While Golconda Resources has been able to make a reserve estimate on the Red Rock zone at its Masonic property in western California, the issue lost 4 cents to close at 45 cents on 1,600 shares traded.

Based on 24 drill holes as well as over 200 surface samples and a detailed underground evaluation, the Red Rock zone is thought to contain three million tons of grade 0.025 oz gold and 1.25 oz silver, Goldconda says.