Alberta Stock Exchange Ontex gains 70 cents

A recent Ontario court decision which restored Ontex Resources’ title to the Brookbank gold property in northern Ontario boosted that company’s shares 70 cents to $2.90 in the week ended Dec. 18. The trial judge concluded that TSE-listed Metalore breached a fiduciary duty it owed to Ontex and misused confidential information to gain control of the gold property. All ownership rights to the original 18-claim property, which hosts a 1.4-million-ton gold deposit, have reverted to Ontex. The 471 surrounding claims will be held by Metalore in a constructive trust for Ontex. A number of major companies, including Placer Dome, are expected to seek an option on the claims from Ontex.

Holding company Avanti Capital, which owns nearly one million shares of Ontex, rose 20 cents to $3.10 on volume of 74,850 shares.

Gowest Amalgamated traded 76,000 shares for a gain of 4 cents to close at 18 cents. Gowest, New Texmont and Frankfield Explorations recently concluded an option agreement with Cyprus Gold Canada which will see the latter company spend $4.5 million over four years on their Tully Twp. gold property north of Timmins, Ont. Intersections as high as 0.24 oz. gold per ton over 35 ft. have been pulled from the Gowest property. New Texmont gained 2 cents to close at 15 cents on volume of 15,500 shares. The nearby Tully Twp. claims of Intex Mining have also been optioned to Cyprus Gold in a separate $4 million dollar exploration agreement. Drilling is expected to get under way in the new year.

Consolidated Gold Hawk Resources has entered into a share purchase agreement with a limited partnership for $600,000 worth of the company’s shares priced at 42 cents per share. The funds will be used to earn an interest in a Pickle Lake, Ont., gold property as well as on Gold Hawk’s Nelligan and Guibord properties. Gold Hawk was steady at 40 cents.