Alberta Stock Exchange Pan East big trader

The issued debentures explain why Pan East gained 20 cents this week on a volume leading 926,700 shares.

After spending about $2.8 million, Gunnar Gold and Mill City Gold have dropped their option on Pan East’s Fifteen Mile Stream gold property in Nova Scotia, which is still under option to Petromet Resources.

Pan East has turned its attention to another Nova Scotia gold prospect (the Mount Unlacke) where geophysical surveying was planned for this summer.

Also busy with a number of projects is San Paulo Explorations which gained 25 cents on 287,400 shares. At the Manitou Lake project near Dryden, Ont., Teck Corp. has succeeded in upping reserves from about 80,000 tons to 300,000 tons of grade 0.15 oz gold per ton.

San Paulo is also a resident of the burgeoning Mishibishu Lake, Ont., gold camp where partners Hemlo Gold and Central Crude have outlined 1.77 million tons of 0.51 oz per ton uncut. A property which San Paulo optioned to Noranda Exploration is close to the Central Crude ground.

Goldcap Inc. added 11 cents to its share price on news that drilling has resumed at the TAS property. Operator Black Swan Gold Mines can earn a 45% stake in the project by spending $800,000.

The Northfield Minerals issue was ahead 2 cents on news that the company is joining forces with engineering firm Dynatec International Ltd. via a private placement agreement.

Presumably, Northfield will draw upon Dynatec’s mine building smarts should they prove up enough ore in Ontario’s Larder Lake region to justify a production decision.

When the placement is completed, Dynatec and Northfield Capital will each own 33% of Northfield’s outstanding shares.

Gowest Amalgamated Resources was also ahead by 2 cents following an announcement that the company’s recent public offering of 700,000 units at 30 cents each has been fully subscribed.

Gowest holds a 50% stake in the Tully Twp. gold property where New Texmont Explorations has intersected some encouraging gold values on a geological structure known as the Frankfield zone. Located near Timmins, Ont., the property is about to be subjected to more drilling, if various street rumors prove to be correct.

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