Investors lost ground in active trading for the week ended Jan. 16, with the market portfolio tumbling more than 38 points and the mining and minerals index declining more than 19 points. Daily volumes ranged from 5.5 million to 13.1 million shares.
Gold producers Belmoral Mines and Canamax Resources announced an out-of-court settlement over Belmoral’s decision last year not to proceed with its proposed purchase of Canamax’s 50% interest in the Ketza River mine in the Yukon. Terms of the settlement were not disclosed. Trading 51,400 shares, Belmoral closed unchanged at 75 cents , while Canamax, which has increased its ownership in the Ketza operation to 100%, gained 20 cents to $3.1 0 on 7,000 shares.
Radisson Mining Resources says exploration on the 6th level at the Duquesne gold mine project, north of Rouyn-Noranda, Que., has identified the continuity of the main mineralized zones toward the west. The company, whose stock closed unchanged on the week at 55 cents on a volume of 164,400, is planning a bulk sample.
Among this week’s volume leaders was a Morisco group member, Exploration Essor, which has a couple of projects on its books, including the joint venture Aiguebelle gold property with its Fayolle zone target. Essor closed unchanged at 8 cents on 636,400 shares.
Drilling continues at the Connell Corner base metal project of Aurizon Mines and VSE-listed Ezekiel Explorations near Val d’Or, Que. The property lies adjacent to the Aur-Louvem massive sulphide discovery in Louvicourt Twp. Trading 52,900 shares, Aurizon slipped 1 cents to 30 cents .
Raising $750,000 in a private placement was Freewest Resources, which dropped 34 cents to $2.80 with 128,200 shares changing hands. The junior has targeted the money for exploration work at several plays, including two joint venture projects, Harker-Holloway and Coldstream, in northeastern Ontario.
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