Alberta Stock Exchange Ontex gains 43 cents

The share price of Ontex Resources rose 43 cents to $2.35 on volume of 72,500 during the week ended Oct. 30, while Avanti Capital, which owns 11% of Ontex, rose 5 cents to close at $2.65. An Ontario court trial involving Ontex and TSE-listed Metalore is still under way, and is expected to wind up in about two weeks. The firms are fighting for control of a 1.4-million-ton gold deposit near Beardmore, Ont., with grades of 0.26 oz. gold per ton. Shares of recently listed Valdez Gold rose 7 cents to close at 50 cents on volume of 29,000. The company has a 51% stake in the large Valdez Creek placer gold project in Alaska. TSE-listed Cambior is operator of that project.

Another placer gold miner Pinegrove Resources was up 6 cents to 45 cents on volume of 10,000 shares. Pinegrove is hoping to raise about $3 million from Hong Kong investors to fund development of its small Haggart Creek gold project in the Yukon.

International Baslen Enterprises traded 202,100 shares for a gain of 10 cents to 23 cents. The company’s new management is currently raising capital in Europe to drill a promising parcel of gold claims in Bourlamaque and Dubuisson twps., near Val d’Or, Que.

Durvada Resources traded 130,800 shares to close 1 cents higher at $1.10 after the company reported assays as high as 0.84 oz. gold per ton from recent trenching its Sandy Valley project in Nevada. Durvada’s objective is to define 8-10 million tons of heap leachable ore so it can expand the project’s gold output to 50,000 oz. per year. Meanwhile, BMR Gold, which last month signed a joint venture deal to develop its Nevada gold project with Nerco Minerals, rose 7 cents to $1.15 on volume of 99,600 shares.

Lithium has privately placed three million of its shares at 25 cents per share with controlling shareholder TBS Resources Developers, a private company. Lithium’s shares rose 15 cents to 50 cents on thin volume during the report period. This junior is participating in a 50-50 joint venture with Noranda on the Oxford Lake gold property in northern Manitoba.

Marshall Minerals has put its small Restigouche lead-zinc deposit near Bathurst, N.B., up for sale. The sale is designed to raise funds for development of an African gold mine with partner Edon Roc Minerals. Marshall shares fell 7 cents to $1.10, while Eden Roc shed 3 cents to close at 26 cents.

Noble Peak Resources has arranged a $150,000 private placement priced at 45 cents per share with 161717 Canada Ltd. The proceeds are to be used for working capital and debt payments owing to Norman H. Ursel Associates.