COATS (over-the-counter) Oxford Lake exploration

Continuing as a high volume trader, Lithium edged up 6 cents to close at $1.86 on a volume of 230,150 for the week ended June 5. Noranda’s Winnipeg manager said exploration on the Oxford Lake gold property in northern Manitoba has resumed, and the company hopes to be drilling extensions of the Rusty gold zone by late summer. Lithium is earning a 50% interest in the project by spending $5 million over a 4-year period. Amid more rumors of a production decision on the Lac des Iles platinum-palladium property near Thunder Bay, Ont., shares of Boston Bay Mines jumped $1 on a volume of 2,800 to close at $4.50. Boston Bay has a 90% interest in The Sheridan Platinum Group, which owns the Lac des Iles property.

To pay for its share of the cost associated with bringing two Alberta gas wells to production, Golden Penguin Resources will borrow $100,000. Golden Penguin says it is becoming more actively involved in oil and gas and has abandoned mineral exploration for the time being. Golden Penguin shares closed at 30 cents, unchanged from last week on volume of 750.

CanQuest Resource says it has committed nearly $4 million to a 1990-91 exploration program on its base and precious metal properties in southern British Columbia. CanQuest shares moved down 10 cents to close at 35 cents on a volume of 25,500.