The market appears to have recovered, at least temporarily, from the low-volume blues. For the first time in months, the week’s five most active stocks registered trading volumes of over 100,000, four of them gaining value on the week ended Sept. 25. Investors reacted enthusiastically to news of Golden Hope Mines’ high-grade gold discovery on the Bellechasse property, south of Quebec City. Trading 242,100, Golden Hope edged up 10 cents to close at $1.10. Partners St. Genevieve Resources and Exploration Duverny will foot the bill for a 3-year, $9-million exploration program to follow up the surface discovery and other prospects on the 262-claim property.
In Montana, Swansea Gold Mines has laid claim to a gold property with an estimated preliminary reserve of 2.56 million cubic metres grading 4.7 grams gold per cubic metre. Swansea will spend $1.4 million over a 5-year period to determine the economic feasibility of the deposit. Swansea shares were 10 cents bid, 20 cents ask for the week.
Trading 173,00 shares, Portfield Industries announced an upcoming name change and a share consolidation on a 10-old-for-1-new basis. Portfield lost a penny to close at 3 cents.
Reactivated Pamax Resources will be financing an exploration drive on two gold properties in northwestern Ontario in order to earn a 50% interest from Noranda. Both are grassroots exploration plays centred on regional deformation zones.
Is Pamax mines a privately owned company ? Who are the owners of it if privarely owned ?