About 4.1 million tons of grade 0.103 oz gold per ton have been outlined and Trader will probably extract a bulk sample after announcing a rights offering, ac cording to President James Stephenson.
Stephenson was recently reinstalled as president by a group of Swiss investors after they had purchased a 34% stake in the Toronto- based company from ERNA, a subsidiary of Elders Resources.
After ERNA sold its entire 3.47- million-share holding in Trader for 29 cents p er share, an application was sent to the Supreme Court of Ontario for approval of a settlement relating to existing litigation that involves the two companies.
“The Swiss shareholders consists mainly of money managers who have designated Trader as one of their junior gold investments,” said Stephenson, who was kicked off the Trader board by Elders in late August and replaced by a number of Elders nominees.
The transfer of ownership has been viewed favorably by the investment community as indicated by the fact that shares of Trader peaked last we ek at 89 cents on large volumes. The issue’s 52-week low is 15 cents .
John Larche, former president of Prospectors and Developers Association, holds a significant block of Trader shares.
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