Gold producer Belmoral Mines, active in the Val d’Or, Que., area, reported a $7 million loss for 1988 after writing down $6.4 million in investments during the fourth quarter. Belmoral, which slipped 8 cents to $1.46 on a volume of 50,000, has reduced its cash reserves considerably the last while, purchasing various mining assets (including the producing Ketza River gold mine in the Yukon) which should start having a positive effect on the company’s bottom line this year.
Orex Exploration, which has been exploring the optioned Goldboro property in Nova Scotia, plans to buy out the interest of the property owner, TSE-listed Onitap Resources, for $8 million. Onitap shareholders will vote on the deal in April. Trading 275,000 shares, Orex dropped 4 cents to 80 cents .
Trading heavily again was Mazarin Inc., which released more encouraging drill results from its graphite property in the Fermont area of Quebec.
MSV Resources has elected not to pursue exploration work on the Westmain, Clearwater and Lichteneger properties. Insufficient funds were raised for the work and the company has chosen to allocate that money, raised through a partnership offering, for exploration of the Eastmain property in northern Quebec. MSV fell 14 cents to 90 cents with 40,800 shares changing hands.
Trading in the shares of Louvem Mines and St. Genevieve Resources was halted during the week pending verification of the results of the tailing processing method which Gold Spinners International is using to process the tailings of Louvem’s Manitou mill near Val d’Or. St. Genevieve is Louvem’s major shareholder.
Encouraging underground drilling values continue to be reported by Western Quebec Mines, Messeguay Mines and Oasis Resources from the Joubi gold project at Val d`Or. Western Quebec was $1.05 bid, $1.25 ask on the week, Messeguay traded 308,300 shares and slipped 2 cents to 25 cents , while Oasis gained 1 cents to 17 cents on 70,800 shares.
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