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 Mon Dec 23, 1996
Report Nov-Dec 1996: Intl Canalaska Res Ltd = 1997 Bottom-Fish 100
    Publisher: Kaiser Research Online
    Author: Copyright 1996 John A Kaiser

 Intl Canalaska Res Ltd (ICA-V)

Iss: 15,300,000
Dil: 16,600,000
WC: $3,000,000
Tel: (800) 667-1870
Story Type: All over the Map
Buy Range: $0.50-$0.75

Harry Barr is one of those Howe Street promoters who never neglects to attend gold shows, lunge into hot new area plays, load the treasury, and trade up a storm. For the past year he has been bugging me to feature Intl Freegold and its Golden Summit project near Fairbanks, Alaska, so in the spirit of the bottom-fishing strategy I have chosen Canalaska, which owns 2.2 million Freegold shares plus lots of other things in Panama, Indonesia, Alaska and Labrador. Both Freegold and Canalaska were in the gutter early 1995 when Barr hustled off to Labrador to acquire the VBE 1 & 2l claims tying onto the east and south of the main Diamond Fields block. The VBE claims were optioned to Columbia-Yukon, which can earn 50% by spending $900,000 exploration, and 70% by conducting a feasibility study and arranging project financing. The VBE-1 claims attracted interest in 1996 on rumours that Inco's Eastern Deeps drilling was intersecting nickel-copper ore close to the eastern border. CYR/ICA drilled a deep hole that was stopped at 800 metres to leave some mystery for 1997. Canalaska's Labrador holdings enabled the junior to complete a brokered priv plcmt of 5.2 million units at $1 in May95. Some of that money was used to kick-start Freegold, which is trying to prove up a multi-million ounce bulk tonnage gold deposit similar to the Fort Knox deposit. Canalaska has a big following in Atlantic Canada, and because of its 200,000 acre land position in Labrador tends to move up on discovery rumours. There won't be as many rumours in 1997, but bottom-fishers can at the very least expect a seasonal bounce from Canalaska in 1997 and whatever joy Indonesia or Freegold might bring.

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