Vancouver Stock Exchange Rae continues to benefit from find

Still feeling the positive effects of the polymetallic mineral find by Minnova Inc. on its Adams Lake property near Kamloops, B.C., Rea Gold closed up 25 cents to $5.38 this week on a volume of 816,600. The deposit, whose primary metal credit is silver, is close to the surface and a large part of the find could involve open pit mining.

Closing up 5 cents to $1.35 with 24,000 shares changing hands was Eureka Resources, which has reached an agreement with Hawthorne Gold, which closed unchanged at 50 cents on a volume of 2,500 shares, for development of the latter’s Mindora gold and silver project in Mineral Cty., Nev. Drill testing and trenching of recently discovered extensions of two known mineral zones is to begin this month.

While the gold mining industry awaited pronouncements from Ottawa on the fate of flow-through financing, developments in West Africa were having a positive affect on a couple of Alberta issues. Suffolk Resources, which is involved in exploration in the Ivory coast of West Africa, was this week’s star performer. It finished the day at $3.55, up from $2.90 last week.

Another significant performer was Eden Rock Minerals which closed at $3.60. The Toronto-based company is also involved in exploration on a 330,000 acre mineral concession in the Ivory Coast held in joint venture with Sodemi, the mineral exploration division of the Ivory Coast government. The Eden Rock issue closed at $2.85 last week.

While Jilbey Industries’ main interests lie somewhat closer to home, the issue has been one of the most interesting performers of recent weeks. However, after reaching a new high last week of $2.55, the stock dropped back to close at $2.50 on a volume of 402,600. Jilbey has a 25% interest in a 16-claim Fontana property located in Duverny Twp. near Amos, Que.

With 404,700 shares changing hands, San Paulo Exploration posted the day’s largest volume. With joint- venture partner Tandem Resources, the company is currently exploring in the Casa Berardi area of northwestern Quebec. The issue closed at $1.14 up from last week’s 82 cents level.

Another significant performer was Claude Resources which rose 38 cents from last week’s $5.00 level to close at $5.38. Claude recently optioned its Seabee gold project in La Ronge, Sask., to Placer Development. Placer recently embarked on a $4.2 million underground exploration program designed to confirm reserves which are estimated at 2.1 million tons grading 0.185 oz gold per ton to a depth of 700 ft.

Drilling results from the 168 claim Jackso n’s Arm property in northwestern Newfoundland has boosted the shares of Marker Resources. The issue closed at $3.95 a modest gain from last week’s $3.75.

Marker recently signed an option agreement with Varna Resources to earn a 12 1/2/% working interest in 323 claims surrounding the Jackson’s Arm property. Under the agreement Marker must complete a $1 million exploration program during the first two years of the option agreements and issue 500,000 shares to Varna.