“If at first you don’t succeed, try again,” appears to be the strategy being followed by Belmoral Mines of Toronto, which has announced it will spend $5 million on shares and warrants of junior-mining firm Yorbeau Resources to acquire up to a 50% interest in the Montreal- based company, and a further $10 million on exploration work at Yorbeau’s promising Astoria gold property located near Rouyn- Noranda, Que.
Belmoral, which traded 29,900 shares during the week and slipped 9 cents to $2.70, tried unsuccessfully in 1987 to gain control of Quebec- producer Louvem Inc. Belmoral currently mines gold in the Val d’Or area and has a number of projects near the production stage in northeastern Ontario. Yorbeau on the week gained 10 cents to 71 cents on a volume of 129,500. (The Belmoral- Yorbeau deal is subject to board of director, shareholder and regulatory appro val.)
Trading during the week on the Montreal Exchange was definitely mixed. On Jan 8 the general market portfolio index fell more than 81 pts (4.9%) and the mining and minerals index more than 77 pts (4.9%); the next trading day the market staged a rally, with the former index rising 21.5 pts and latter index jumping more than 23 pts. Daily volumes have returned to moderate levels, in the 6-million- share range.
Attracting investors was New Brunswick heap-leach producer Gordex Minerals, which is expected to have poured about 4,000 oz gold by the end of its fiscal year Feb 29. The company, which officially went into commercial production at its Cape Spencer project in 1987, moved up 23 cents to $1.18 with 276,500 shares changing hands.
Preparing to start mining a bulk sample in April at the Elder gold property near Rouyn-Noranda are joint-venture partners Aunore Resources and Toronto-listed Nova Beaucage Mines. Aunore traded 53,600 shares while slipping 9 cents to $1.35.
Normetal Mining Exploration, which closed unchanged at 50 cents on 2,000 shares, reported it plans preliminary exploration work worth $150,000 on Destor Twp. property in northwestern Quebec.
Announcing completion of a $2.3 million financial offering was Aster Exploration, which closed unchanged at 25 cents on 30,000 shares.
Recently listed for trading on the me was Jilbey Industries of North Bay, Ont.
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