Aiming for 15,000 oz in `88 Gordex achieves TSE listing

Shares of New Brunswick’s only primary gold producer, Gordex Minerals, began trading on the tse this week.

“Our entry into the Toronto Stock Exchange, increases the market visibility of the company,” Chairman and ceo Morton Gordon says. “With very few stocks trading publicly in New Brunswick, this is an important development for this region.”

Gordex has five million shares outstanding, trading on nasdaq and on the Montreal Exchange at about $1.30 for a market capitalization of about $6.5 million. The company recently (N.M., Dec 21/87) completed an expansion of its vat leaching operation at Cape Spencer, near Saint John, which will enable it to operate year- round. Gold production is now estimated to be 15,000 oz in fiscal 1988 which begins March 1.

On the exploration side, Gordex has increased its exploration budget to $1.5 million for a project at Molega Lake, in Queen’s Cty., N.S. Gordex controls a total of 17,000 acres in the area. The current program will include drilling.