COATS (over-the-counter) Cositgan gains 10 cents

A quiet trading pattern prevailed during the holiday season and left most junior mining shares unchanged. A single transaction involving 100,000 shares of Milestone Resource left that issue unchanged at 20 cents , while Strike Minerals was steady at 45 cents after two trades. Strike is participating in drill programs on two Ontario gold properties.

Costigan Gold gained 10 cents to close at 55 cents on a volume of 6,000 shares, while Teddy Bear Valley Mines shed 30 cents to close at $1.30 for the week ended Jan 2. Costigan recently raised $300,000 to fund a drill program on the Evandale polymetallic property in Queens Cty., N.B.

Wabigoon Resources has signed a letter of intent with Montreal- listed Kimex Resources giving the latter company an option to earn a 50% interest in Wabigoon’s Hunter gold property at Timmins, Ont. An exploration program is scheduled to begin this month as part of a deal which calls for Kimex to spend $3 million on exploration over a 2-year period. An old inclined shaft to a depth of 700 ft. exists on the former mine property where the partners hope to outline 250,000 tons of material averaging 0.25 oz. gold per ton. Wabigoon was unchanged at 15 cents .

An exploration agreement has been signed between Winteroad Resources and Great Northern Gold of Alberta covering 10 claims on the western half of Winteroad’s Garrison Twp., Ont., gold property. An 8,000-ft diamond drilling program is scheduled to get under way on the property this month. Great Northern can earn a 50% interest in the claims by spending $4.7 million on exploration over three years. The first phase of exploration work will cost $325,000. Bid-ask for the Winteroad issue was between 55 cents and $1.