Alberta Stock Exchange Yukon raises funds

Edmonton-based Yukon Minerals has agreed to a private placement of one million treasury shares at 15 cents per share with two of the company’s directors. The proceeds totalling $150,000 will be used for exploration on the company’s newly acquired properties at Galore Creek in northwestern British Columbia. The Yukon issue traded 71,500 shares to close unchanged at 16 cents during the week ended July 17. Two other companies with properties in northwestern British Columbia were also active during the report period. Integrated Resources gained 2 cents to close at 32 cents on volume of nearly half a million shares, while American Ore slipped 3 cents lower to 20 cents on volume of 146,300 shares.

Meanwhile, depressed stock market conditions have scuttled a proposed $136,000 rights offering by Dunfrazier Gold Explorations, which owns a gold property at Dogpaw Lake near Kenora, Ont. The company says only $1,200 was received from the subscription for its rights.

Elsewhere on the eastern front, Kenora Gold Occurrences gained 3 cents to close at 18 cents after the company acquired a 49% interest in the MWF gold property east of Timmins, Ont. A $250,000 drilling program is under way on the claims.

Bre-X Minerals traded 47,000 shares to close unchanged at 49 cents during the report period. The company recently granted Equity Silver Mines an option to explore its gold property situated 250 miles northeast of Yellowknife, N.W.T. Equity Silver will examine various gold showings on the claims this summer, after which a formal agreement could be signed for a drill program. Bre-X continues to review its other joint venture gold property in northwest Arizona where a prefeasibility is under way. Minable reserves on the property are estimated at 701,758 tons grading 0.20 oz. gold per ton. The company is also negotiating to obtain a joint venture partner on its Casa Berardi gold properties in Quebec.

Tyrae Resources gained 47 cents to close at 65 cents after the company signed a deal to acquire some mining properties from Goldspinners International. The deal will change the focus of Tyrae from a technology company toward mining.