COATS(over-the-counter) Southern shares fall

Gordon Leliever, president of Southern Arizona Mining and Smelting says that the company will not proceed with previously announced share purchases of Catear Resources and Wydmar Development, two companies with properties near Eskay Creek, B.C. A few weeks ago, Southern shares traded actively on news of the acquisition agreements, reaching a high of 57 cents. For the week ended May 8, Southern shares closed at 35 cents, down 10 cents from last week’s close on a volume of 116,000. A 30-million-ton preliminary reserve estimate on the MacLeod Lake copper project had little effect on the shares of Windy Mountain Explorations, which remained unchanged this week at $2.75 in light trading of 12,800 shares. But Cochise Resources, a company with a joint venture agreement on 840 acres surrounding the Macleod Lake property, saw its shares move up 35 cents to close at $2.60 on a volume of 5,250.

A flow-through financing agreement should provide up to $150,000 for further drilling to confirm strike extensions of high-grade (0.5 oz. over 125 ft.) gold on the Fontana property this summer. Portfield Industries has a 15% royalty interest in the property. Portfield shares were down 3 cents to 8 cents on a volume of 60,000.

Charged with three offences under the public lands amendment act, Strike Minerals will have to pay a fine of up to $15,000 if convicted. Strike shares were 20 cents bid, 35 cents ask for the week.