COATS (over-the-counter) Drilling near Campbell

With the intention of finding extensions of the Campbell mine orebody, Craibbe-Fletcher Gold Mines has proposed an underground drilling program for 1991. Placer Dome has decided to clear out the 2,000 ft. level of the mine, giving Craibbe underground access to its property next door. Craibbe shares closed at 45 cents for the week ended June 19, up 2 cents on a volume of 10,000. Avanti Capital has received a joint venture proposal for development of its gold-silver property north of Stewart, B.C. The company is also drilling on its Louisiana oil and gas property, where five wells are currently in production. Avanti shares closed at $1.50, up 30 cents on a volume of 22,260.

Underground exploration on Maude Lake Gold Mines’ “5 zone” property will go ahead if the company is able to raise funding through a private placement of flow- through shares. Maude Lake is hoping to raise between $800,000 and $1.2 million through the offering. Maude Lake closed at 28 cents, up 2 cents on a volume of 20,000.

A letter of intent between Canadian Gold Resources and Gold Bar Resources will give Gold Bar a 15% interest in Canadian’s gold property in Chester Twp., Ont. In return, Canadian Gold will be entitled to 7.19 million Gold Bar shares at 17 cents per share, as well as a warrant to purchase an additional 7.19 million shares. Gold Bar closed at 30 cents on a volume of 3,000 while Canadian Gold closed at 12 cents on a volume of 25,000.