COATS (Over-the-counter) McNickel gains 5 cents

Shares of McNickel traded heavily for the week ended July 31, jumping 5 cents to close at 20 cents on a volume of 216,500. Rumour has it that the Muscocho group of companies, of which McNickel is a member, has made progress on the sale of its assets, possibly including the Magnacon gold mine. Following suit, Black Gregor Explorations edged up 3 cents to close at 33 cents on a volume of 77,000. Black Gregor has a gold property near Marathon, Ont., where a drill program completed last spring identified a 1.3-km-long gold-bearing structure.

Turning in poor second-quarter results was Royal Crest Resources. Despite good returns at the company’s oil and gas wells in Alberta, high operating and administrative costs led to a $4,000 loss. Royal Crest was 20 cents bid, 50 cents ask on the week.

Langis Silver and Cobalt Mining showed some renewed strength this week, as 45,000 shares changed hands. Langis is leasing a silver prospect near Cobalt, Ont., to its major shareholder, Agnico- Eagle Mines, and holds a gold prospect in the Casa Berardi area of Quebec. Langis moved up 5 cents to close at 15 cents.

Having left its mining claims to lapse, Flagship Resources has changed its name to Hoverspace International, and will now be involved in the manufacture of commercial and recreational hovercraft. Trading 20,550 Flagship closed at 55 cents, up 15 cents from last week.