Alberta Stock Exchange Volumes lacklustre (January 21, 1991)

Volumes were lighter than usual during the week ended Jan. 15 as investors remained fearful of war in the Persian Gulf following Iraq’s failure to comply with a United Nations ultimatum calling for its withdrawal from Kuwait. Although the price of gold rose above US$400 per oz., speculative junior mining stocks remained largely unchanged. Biron Bay Resources, which is exploring the Summit gold project in New Mexico, managed a gain of 10 cents to 90 cents on volume of 48,000 shares. Marshall Minerals traded 12,700 shares at $1.30, while its 67% owned subsidiary Eden Roc Mineral traded 56,500 shares to close at 54 cents. Eden Roc is focusing its efforts on developing a gold mine on the Ivory Coast of West Africa.

After dropping off significantly from highs of $1.10 last fall, Dingman Industries rose 10 cents to 41 cents on volume of 24,800 shares in the report period. Dingman is acting as foreign partner in a joint venture with the Soviet Mining Directorate to process gold concentrates from the republic of Kazakhstan.

Ontex Resources, an active trader in recent weeks, gained 10 cents to close at $2.30 on volume of 72,600. Ontex owns 100% of the Brookbank gold property in northern Ontario and is seeking offers from senior companies for a joint venture.

Stocks that posted declines during the report period include Golden Pacific which fell 39 cents to $4.30 on volume of 99,200 shares and Kingswood Exploration, which dropped 7 cents to close at 13 cents on volume of 86,500 shares.

Consolidated Gold Hawk traded 4,000 shares at the 40 cents level.

The company recently raised $243,000 in a flow-through share financing, and the funds will be used to pay for drilling a gold prospect optioned from Minnova near Pickle Lake, Ont.

Monk Gold rose 2 cents to 17 cents on volume of 22,000 shares after the company signed a private financing agreement that will see $300,000 spent on underground work and drilling at Monk’s gold property in northern Ontario.