Meanwhile, Nova-Cogesco, in the wake of the Cambior decision, says it “has all the necessary components to initiate gold production in the near future, and is directing all its efforts towards achieving this goal.” The junior says a production decision for Silidor may be imminent.
Chalk it up as another profitable week on the ME, with takeovers and buyouts in the corporate world helping to push the market portfolio up 38.5 pts. The mining and minerals index raced ahead by almost 19 pts. Strong daily trading volumes were recorded, ranging from 6.4 million shares on up to 11.2 million shares.
Leader for the week was Mazarin Inc., up 9 cents to 34 cents on almost 2.24 million shares. Mazarin has been drilling for graphite in the Fermont, Que., area and is awaiting assay results from 12 early holes.
Belmoral Mines, having completed due diligence, says it will go ahead with the purchase of the Ketza River gold mine in the Yukon from Canamax Resources and TSE- listed Pacific Trans-Ocean Resources, but at about half of the cost originally announced. Belmoral traded 32,900 shares and lost 27 cents to $1.63, while Canamax was down 42 cents to $4.95 with 1,200 shares changing hands.
Drilling from the 1850 level at Virginiatown, Ont., returned another exciting intersection, 12.1 ft of 1.26 oz gold per ton, Armistice Resources reports. The company, which climbed 7 cents to 88 cents on a volume of 395,600, is hoping to strike it rich with a deep-drilling program on property next to the old Kerr mine.
During the week, St. Genevieve Resources asked for trading in its stock to be halted pending verification of results from the start-up of gold tailings recovery operations at Val d`Or, Que., by associated company Gold Spinners International.
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