COATS (over-the-counter) Milestone active

Shares of Milestone Exploration came to life recently with trading activity in the 40-55 cents range after a long period of dormancy at around the 20 cents -level. There were four transactions involving the Milestone issue which closed at 55 cents for the week ended Feb 13. This company retains a 5% net smelter royalty interest in certain claims being explored by partners Noranda and Akiko-Lori Gold Resources at Springpole Lake in northwestern Ontario (see story). Shares of another unrelated company with a similar name, Milestone Resources, were also active in the 13-20 cents range on volume of 87,000 shares. That company is exploring a gold prospect near Shabumeni Lake in northwestern Ontario.

Peat Resources posted a gain of 4 cents to close at 34 cents after two transactions. The company is looking at the feasibility of using peat as a commercial fuel source to replace coal. Studies are well advanced with major funding being provided by senior backers Inco and Corona.

Card Lake Resources added 1 cents to its share price of 39 cents on volume of 28,000 shares. Some encouraging results have been coming out of the company’s properties in the Harker-Holloway area of northeastern Ontario.

The fact that McNickel is acquiring a 50% interest in the Spud Valley Gold property in British Columbia from McAdam Resources had little impact on that issue. McNickel was steady at 22 cents after a single transaction.

Chance Mining saw one trade at 28 cents . The company has net working capital of around 36 cents per share. No economic intersections have been encountered on the claims Chance sold to Falconbridge, but good alteration was cut in two recent deep holes testing the 3,500-ft. horizon.