COATS Trading Features (April 20, 1987)

Several issues have reacted to the rapidly improving gold market. Card Lake Resources, which is busy with a promising gold play in Harker Twp., north of Kirkland Lake, Ont., has completed a $500,000 financing. The company is expected to start diamond drilling on its property in May, President Paul Zyla says. Card Lake was in the 60 cents -range just three weeks ago.

Other stronger issues include Langis Silver & Cobalt Mining which hit a high of $1.35 before closing at $1.15-$1.20. Langis stands to benefit from improving silver prices which have popped up to the $6.50(US) range. The company holds a silver property near Cobalt, Ont., on which a 1,200-ft shaft is being considered. The company is also in the Paul Penna fold, which to many investors is almost a guarantee of future success.

Arjon Gold Mines, which has been a quiet trader for years, continued to add to recent gains. The issue closed at 20 cents -23 cents ; up a nickel on the week. Exxeter Resources was also perkier, trading to 15 cents -18 cents . The company, which had been inactive for over a year, recently concluded a private placement which raised $110,000 by issuing one million shares at 11 cents per share.