Two companies sporting the name “American” in their titles, American Reserve Mining and American Barrick Resources, were among the heavy traders during the week ended June 4.
American Reserve, which announced recently it is trying to sell its 40% interest in the Paymaster property at Timmins, Ont., traded almost 2.9 million shares, mainly on the strength of a huge block of shares changing hands. The junior and its Paymaster partner, Placer Dome, reported a 96-ft. intersection of 0.31 oz. gold per ton from an exploration program at the 6,025-ft. level of the former gold-producing mine. American Reserve gained 36 cents on the week to 70 cents. Placer Dome, trading 469,600 shares, slipped 25 cents to $14.75.
Growing producer American Barrick, with a gain of 75 cents to $24 on a volume of 270,000, continues to benefit from the news it is negotiating a possible merger with large North American gold producer Newmont Mining. Both companies are active in the Carlin trend area of Nevada.
Trading on the ME perked up during the week, with the daily volumes ranging between 5.2 million and 9.4 million shares. And both the market portfolio and mining and minerals index closed ahead, the former by more than 23 points and the latter by more than 76 points.
Coleraine Mining Resources reported that the Quebec government has agreed to contribute to the cost of technical tests needed for the feasibility study of a ferrochrome project in the Thetford Mines, Que., area. Trading 53,300 shares, Coleraine moved up a penny to 17 cents.
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