Just east of Val d’Or, Que., Cambior Inc. officially opened its latest gold-mining operation, the Lucien C. Beliveau mine (formerly the Pascalis project). The mine will turn out 35,000 oz gold annually. On-site milling will produce a concentrate, which will be shipped to Cambior’s Vezina mill at Rouyn- Noranda, Que., for final gold extraction. Cambior gained 63 cents to $13.38 with 176,200 shares changing hands.
On the week, the market portfolio dropped more than 9 points and the mining and minerals index gained more than 30 points. Daily trading volumes were steady, ranging between 6.1 million to 6.6 million shares.
Exploration Orex took it upon itself to issue a press release in response to rumors it says questioned the company’s integrity and assay results from the Goldboro gold project in Nova Scotia. Legal action is being considered. Orex, which traded almost 670,000 shares and dropped 36 cents to $1.50, is preparing for production at Goldboro.
An associated company of Orex, Coleraine Mining Resources, recently received a $100,000 government grant (under a joint Ottawa-Quebec program) which will be used in the evaluation stage of the company’s ferro-chrome project in the province’s Eastern Twps. Trading 520,300 shares, Coleraine gained 2 cents to 62 cents .
Hoping to raise more than $1.6 million through an offering of common and flow-through shares and warrants is Ressources Minieres Forbex. Three projects, one copper- zinc and the other two gold, have been earmarked for exploration work by Forbex, which closed unchanged at 44 cents on 28,000 shares.
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