Alberta Stock Exchange Most issues sideways

Directionless trading appeared to be the order of the week on the Alberta Stock Exchange, as gold prices corrected modestly to the $445 (US) level. Unlike last week, the most active traders list failed to record a single mining issue which topped volume of more than 500,000 shares for the week.

Shareholders of Stockmen Energy probably got a slight charge out of seeing the share price up from 10 cents to a high of $1 before coming back to 61 cents . However, the rise is due to a consolidation on the basis of one new share for each 10 held. A Stockmen spokesman tells The Northern Miner that the new company will be called Stockmen Oil and Gas. All the company’s mineral assets, including platinum leases in the Ungava area of northern Quebec, are going into a new vehicle called Stockmen Minerals. The new company is expected to be listed in a few days.

Perrex Resources cut a fine deal with Lac Minerals netting $1 million in cash from the major. In return, Perrex gives up a 50% stake in 191 claims in the booming Harker-Holloway area east of Matheson, Ont. Perrex however, does not pocket all that cash. Lac says $750,000 must be spent by Perrex exploring the ground. Perrex traded up to $1.70 on healthy volume of more than 250,000 shares.

Vista Mines has announced flow through share funding totalling $5.5 million for its Bootleg Lake property near Creighton, Man. The cash will fund exploration on the former producing Rio gold mine property. The issue remained unchanged at $2.25. Zahavy Mines continued at $6. The company will be getting a large injection of cash following the completion of two deals with R. A. B. McDonald of Casa Berardi fame. Mr McDonald’s Noramco Mining Corp plans to subscribe for more than $3 million of Zahavy shares. Golden Day, a Noramco limited partnership also plans to take down more than $5 million of Zahavy shares on a flow through basis. Zahavy recently agreed to buy out Getty Resources 50% stake in the Favourable Lake, Ont., gold property for more than $3 million.

Other stronger issues included Conquest Yellowknife Resources which added 21 cents to $1.06. The company is active exploring ground held by Kingswood Exploration in the Goudreau area, Ont. Kingswood traded unchanged at 31 cents .