Alberta Stock Exchange Biron among gainers

While concerns over rising interest rates were felt on the New York and Toronto stock exchanges, some Alberta gold stocks were posting some of the highest gains in recent months.

Jefferson Valley Gold and Zahavy Mines led the way by adding $140 and 95 cents to their share prices. Biron Bay Resources was also up 47 cents as investors renewed their appetite for gold stocks.

In a surprising development, Biron Bay was recently recruited by Hecla Mining of Canada to participate in a feasibility study at Acadia Minerals’ promising Mooseland project in Nova Scotia.

Under a joint venture agreement with Hecla, Biron Bay is putting up $9.5 million over one year to earn a 25% interest in the project. The Zahavy share price was up after U.S.-based Battle Mountain Gold agreed to spend $40 million to earn a 40% interest in a number of Noramco Mining properties including Zahavy’s Favourable Lake project.

After a period of relative calm, the International Baslen issue was back among the big traders. With 359,400 shares changing hands, Baslen gained 39 cents to close at $1.64.

The company recently announced plans to begin exploration at a 3,000-acre property in Val d’Or, Que.

Suffolk Resources also added a respectable 11 cents to its share price following a production decision at the company’s placer gold property in the Ivory Coast of West Africa. Trading on 620,200 shares, the Suffolk issue closed at 31 cents .

Gold City Resources gained 5 cents following news that placer operations have begun at the company’s Indian River project in the Yukon. Trading on 17,700 shares, Gold City closed at 40 cents . The company said high seasonal run-off caused a 2-week delay at Indian River operation, but conditions are apparently back to normal.

Active in recent weeks due to a production announcement at the Nelson mining camp in Nevada, Mohave Gold was up 3 cents to close at 60 cents . After announcing the first gold pour from a tailings pile at the Eldorado Canyon mine, Mohave is currently bidding against Homestake Mining of San Francisco to increase its Nelson-area land holdings.

The Glencairn Explorations issue remained steady at 60 cents despite some encouraging drill results at its Feljao Cru diamond project near Andarai Brazil. Glencairn can earn a 50% interest by spending $450,000.

According to a report by a Brazilian-based engineer, reserves on the property stand at 300,000 cubic metres with a recoverable grade of about one carat per cubic metre.