COATS (over the counter) July value down 72%

Looking at the monthly statistics for the over-the-counter exchange, it is painfully clear that junior mining stocks have taken a beating over the past year. While volumes have remained relatively steady, the total value of shares traded on the exchange has dropped off significantly. In July, trading value totalled $21.8 million, representing a 70% drop from $77.3 million in July, 1989. Regarding the depressed state of the market as an opportunity rather than a burden, Portfield Industries has purchased Canadian Mineral Holdings, a private company with a diversified property portfolio. Portfield says it will begin work on both the grassroots and advanced projects with the intention of attracting some majors. Portfield shares remained steady at 6 cents on a volume of 87,000 for the week ended Aug. 14.

Another high volume trader, Willingdon Resources, says it hopes to begin drilling on its gold property in Willingdon Twp., near Kenora Ont., this fall. Results from a 1,000-ft. drilling program completed in 1988 include a 1-ft. intersection grading 0.70 oz. gold per ton. Willingdon shares moved up 3 cents to close at 55 cents on a volume of 186,000.

Ending a year-old lawsuit, Kenora Prospectors and Miners has granted Bond Gold the option to acquire all of Kenora’s interest in the Shoal Lake mining claims in exchange for payments totalling $737,000 and property expenditures. Kenora was not listed this week.