Orex Exploration, which climbed 2 cents to 96 cents on 245,200 shares, is making further moves in Nova Scotia. The Quebec-based junior, which is buying out its exploration partner (TSE-listed Onitap Resources) at the Goldboro property, now says it intends to pay Murray Brook Resources (a unit of TSE-listed Novagold Resources) more than $3 million for its interest in the Goldenville and Cochrane Hill properties.
In the process of breaking in its newest gold mine — the Magnacon — in the Wawa area of northern Ontario is Muscocho Explorations, which traded 217,800 shares while slipping 29 cents to $3.30. Muscocho has a 25% interest and manages the mine; its partners are TSE-listed Flanagan McAdam Resources (50%) and VSE-listed Windarra Minerals (25%).
Reporting a disappointing first quarter was Belmoral Mines, which has been struggling with its two gold-mining operations near Val d’Or, Que. Rising costs and a lower gold price have adversely affected the company, which took a $6.45 million write-down for 1988. Trading 30,900 shares, Belmoral dropped 4 cents to 90 cents .
In British Columbia, Cheni Gold Mines, which slid 14 cents to $2.75 with 2,900 shares changing hands, recently became a producer. The company’s Lawyers gold-silver mine commenced commercial production the first of March.
Among the week’s leaders was Coleraine Exploration, which counts among its exploration plays the Coleraine property in Quebec’s Eastern Twps. region, where it is searching for chromite mineralization. The company’s stock moved up 2 cents to 29 cents on a volume of 191,800 shares.
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