I'm surprised this thread isn't more active... Anyway, I got this off of Weda Bay's website through investor1.com :
Thursday, March 13, 1997
Investors Pile into Weda Bay Minerals
Publisher: The Globe & Mail
Author: Michael Den Tandt
Investors continued to pile into tiny Weda Bay Minerals Inc.'s stock yesterday, apparently on hopes for its nickel and cobalt exploration program in Indonesia. The stock closed at $4.99, up 89 cents, on the Alberta Stock Exchange about 1.2 million shares moved, 10 times the average daily volume. The stock has risen 354 per cent so far this year, with much of the gain in the past two weeks.
Monday, the Vancouver-based company issued a news release saying it had nothing material to report, adding that it is "continuing its exploration program" on Halmahera island in Indonesia. However, Weda Bay's president, Louis Clinton, has recently been on a trip to Vancouver and Toronto, where he is attending the Prospectors and Developers Association convention.
Mr. Clinton has been outlining results first announced by the company Feb.17, he said in an interview yesterday. "We have to drill it up, but we're very encouraged at what we're seeing," he said.
Mr. Clinton's trip explains the recent price jump, said Cannacord Capital analyst Graeme Currie. In addition, investors may be reacting to the fact that Weda has not yet drilled in its primary target areas, because roads into them had to be built before drilling could take place, Mr. Currie said. On Feb. 17, the company said its drilling program on the island had encountered "encouraging grades" of nickel and copper. At the time, 36 holes totalling 603 meters, had been completed in three different zones.
"Any resource calculations would be premature," the company said in its February item, before adding in the next breath that there was potential for " a resource in the three areas drilled, in the order of 25 million tonnes, with nickel equivalent grades in excess of 1.6 per cent nickel..."
In its news release Monday, the company said it expects final assays to be completed in early April. Weda Bay has 17.4 million shares outstanding. The stock traded at $1.05 in late December. Yesterday's close was a record high.
Also:
http://www.investor1.com/kent/weda.html
investor1.com
investor1.com
wedabay.com
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