Alberta Stock Exchange Gallery shines

Gallery Gold Mines was the most active mining stock on the Alberta Stock Exchange during the week ended Feb. 6, moving up a penny on 433,800 shares traded. The company was unable to comment on the active trading. When The Northern Miner tried to contact management by telephone, only an answering machine responded. Gallery has a placer gold mining prospect in British Columbia’s Cariboo area.

Pelham Gold ‘N’ Grains, on the other hand, was eager to get its message across. Pelham continued its winning ways this week, gaining a further 9 cents to close at 34 cents on 328,600 shares.

Pelham has more than doubled in the past two week, up 20 cents from 14 cents . A public relations agent for the company said Pelham expects to earn 50 cents a share in 1990. The company has just more than three million shares outstanding. Pelham says some of the earnings will come from its mining assets, but most will come from oil and gas interests and its bakery interests.

Pelham also recently negotiated to buy all of the lease rights to the Wonder property in Nevada, a past gold producer, for $80,000 in cash and shares. It plans to spend $200,000 on the property.

Durvada Resources was up 20 cents to close at 90 cents on 233,100 shares. In response to a request from the exchange that the company issue a progress report on its Nevada gold property, Durvada said it has refurbished its heap leach operation in southwestern Nevada and “gold production is anticipated shortly.”

American Ore was down one cent to close at 17 cents on 119,500 shares. It has arranged to earn a 50% interest in claims the Deception Lake area, about 110 miles north of LaRonge, Sask.

Mercator Resources was up 4 cents to 59 cents on 56,000 shares. It plans to raise $7.9 million for a property payment and to construct facilities at the Yerington mine in Nevada and the Johnson mine in Arizona.