Louisiana leads the way

In a week when a number of issues posted substantial gains, the Louisiana Mining issue lead the way with a 65 cents increase on its share price. According to Louisiana, the shares were responding to a joint venture agreement involving Louisiana and a wholly-owned subsidiary of Shell Mining Co. to explore a 3,000-acre property in Inyo Cty, Calif. and to attempt to extend the 30,000 oz gold reserves which have been previously drill proven.

Under the terms of the agreement, Billiton Minerals hold 75% of the property while Louisiana retains a 25% interest. Trading on a volume of 94,800 shares, Louisiana closed at $2.15.

The Jerome Gold Mines issue remained steady following the announcement of a $2.5 million surface and underground exploration program at the old Jerome gold mine in Swayze, north of Sudbury.

According to Jerome, the current program is designed to expand present reserves which stand at 311,000 tons averaging 0.201 oz per ton.

Jerome says the current program, including dewatering and shaft development, is based on an agreement negotiated between McNellen Resources and Muscocho Explorations. Under that agreement, McNellen can earn-in an interest in Muscocho’s 50% participation in the project.

However, Jerome remained at 40 cents on a volume of 12,600 shares.

While Tusk Minerals says it has acquired an option on a 21-claim gold prospect in the Missanabie- Goudreau area northeast of Wawa, Ont. the issue remained steady to close at 7 cents .

Under an agreement, Tusk says it will earn a 50% working interest in the property by making an initial cash payment and financing more exploration work.

Located just seven miles east of two new gold mines Muscocho Explorations Magino project and Canamax Resources’ Kremzar property, the property hosts a sulphide-bearing conductive zone. Tusk says values of up to 0.14 oz over 10 ft have been reported from earlier work.

While the recent acquisition of Blackrock 83 Ltd. Partnership will double Probe Exploration’s proven oil reserves and increase the company’s cash flow by 300%, the issue dropped 9 cents to close at 20 cents on a volume of 5,500 shares traded.

Investors failed to respond favourably to an attempt by Del Rio Resourcesto diversify beyond its oil and gas interests into high techology. The issue dropped 62 cents on a volume of 7,600 to close at $5.00.