One of the more active stocks on the exchange, Abitibi Metal Mines, will undergo a recapitalization and name change. The share-conversion ratio will be one new share for 15 old shares; the new corporate name will be Exploration Concorde. Trading 82,000 shares this week, Abitibi Metal gained 1-6 cents .
Cambior Inc., expanding its sphere of exploration activities, has signed an agreement with Crown Resource and VSE-listed Gold Texas Resources to earn a 51% interest in the Mount Elizabeth and Ida properties in northeastern Washington in the U.S. The Val d’Or, Que.-based company will spend $2.2 million(US) over four years to earn its interest. Cambior slipped 38 cents to $13 on a volume of 152,300.
Initial results from metallurgical test work on material from the Granada gold project near Rouyn- Noranda indicate over-all gold recoveries in excess of 95% can be obtained from a combination of gravity separation and cyanidation, Kewagama Gold Mines (Quebec) reports. The property is a former producer. Trading 101,700 shares, Kewagama was ahead 4 cents -$1.70.
Recently completing a flow- through share agreement with a limited partnership was Exploration Rogi, which will use most of the proceeds for exploration work on its Lourmet property in Louvicourt Twp. near Val d’Or. Rogi, which gained 1-28 cents on 78,500 shares, is earning a 45% interest in the property, which lies near the exciting Aur/Louvem base metal discovery.
Also with property in the same area is Wrightbar Mines, which has been negotiating with other companies for an agreement to explore the base m etal potential on its claims. Wrightbar traded 834,500 shares, jumping 11 cents to 45 cents .
Continental Precious Minerals, which was $1.60 bid, $1.90 ask on the week, is expanding its search for diamonds in Arkansas. A company subsidiary has signed a letter of intent to acquire a 10-mile tract of alluvial material in the state’s southwest.
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