Cash-rich Atlantic Goldfields is planning to get out of the junior resource and development business altogether. The company recently said it will seek investment opportunities in the industrial or manufacturing sectors as it believes these sectors are more stable and less risky than resource exploration and development. A volume leader in previous weeks, Atlantic Goldfields traded just 21,000 shares this week closing up 1 cents at 86 cents .
Shares of McNickel Inc. gained 5 cents to close at $3.15 on the week with a total of nine transactions taking place. The company says it is now planning to do a $500,000 private placement of flow-through shares so that drilling can get under way on its Lac St. Jean copper- nickel prospect in Quebec. McNickel must spend a total $1 million exploring the property by Sept 30 in order to fulfill its option commitments.
Another player with claims in the Lac St. Jean area is Regal Goldfields which added a dime to its share price closing at $1.25 on the week. Teco Mines was active with trading in the 34 cents -55 cents range. That company also has some claims in the area.
Gold Bar Resources, which has been exploring gold prospects in Chester Twp., Ont., plummeted 55 cents to close at 30 cents on a volume of nearly 200,000 shares.
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