Alberta Stock Exchange Volumes much higher

A strengthening in the price of gold was accompanied this week by renewed interest in a number of Alberta issues.

American Ore Ltd. was the volume leader with 493,300 shares following the release of drill results from the Iskut River joint venture in British Columbia.

The joint venture partners which also include Delaware Resources and Golden Band are contributing equally to project financing but results haven’t been good enough to lift the American Ore share price. It dropped 4 to close at 30 .

After renegotiating a financing agreement with Golden Shield Resources at the Larder Lake project near Kirkland Lake, Ont., the Gold Vessel issue fared much better. Trading on 118,600 shares it gained 25 to close at $1.15.

Gold Vessel can earn a 24% interest in the project for $7.5 million instead of the $15 million announced earlier this year. Market conditions have been blamed for the revised deal.

The Noble Peak Resources issue was also ahead by 25 . The company is planning a major drill program at its Cache gold discovery in the Northwest Territories. Located southwest of Rankin Inlet, the property has yielded encouraging surface and drill results including 22 ft of 0.259 oz gold per ton. Trading on 35,600 shares, Noble Peak closed at $2.75.

Up 20 was the Newfoundland Exploration (Newexco) issue which closed at $1.35 on 231,800 shares traded. Newexco and partners Petromet Resources and Teck Corp. are planning to be in production next year at a former gold/copper producer in Newfoundland’s Baie Verte Peninsula.

As part of a $3.8 million exploration program designed to earn Petromet and Newexco 50% each, the parters are testing a tailings area and completing 65,000 ft of drilling.

Cradle Mountain Canada remained steady at 15 after President E.G. Kennedy sold to the company his right to earn a 75% interest in a number of Saskatchewan gold claims. In return, Kennedy receives 1 million common shares at 25 per share.

Bayaura Mines was slightly better at 18 following news that it has acquired a 11% intrerest in Siam Trading’s Thailand gold property. Siam which recently started trading on the Alberta Exchange, owns a sumber of exclusive prospecting licenses covering 2,000 acres in the Wang Nua gold prospect. The property was recently designated a “gold province” by the Thai government.