Alberta Stock Exchange: Volumes Hurt by Golds

Wednesday close, Nov 19

Sliding gold prices took some of the steam out of the Alberta Stock Exchange this week, as volumes dried up in generally sideways trading. Oracle Resources was forced to put out a release telling the public that their was no material change in the company’s affairs to warrant the price slide its shares took. The issue tumbled by almost 45 cents to $1.45 in a couple of days.

Even Borealis Exploration, with a gold prospect in the Keewatin area, N.W.T. and a iron ore deposit near the North Pole, gave up some ground to $26.63. Of incidental interest, the company with 2.2 million shares issued is capitalized at an incredible $57 million.

Conquest Yellowknife Resources was a volume leader, gaining 11 cents to trade at $2.41. The company has acquired an option to earn a 60% interest in a gold property located in the Missanabie area northeast of Wawa, Ont. A 6,000-ft drill program is expected to start shortly which will test several zones of low, but encouraging grade mineralization.

Kingswood Explorations, which optioned the property to Conquest, also added a couple of cents to trade at 35 cents .

Golden Briar Mines stayed sideways as assay results from the company’s optioned Casa Berardi area play were released. Although one hole cut 0.21 oz gold per ton across 4.7 ft, the rest were uneconomic. The issue was quiet at 60 cents .

Other stronger issues include Summit Resources, up 50 cents to $8 and Mastt Resources, which added 13 cents to 45 cents . Platinum player Madeleine Mines, gave up some ground to $4.70; down from $5.50 last week.