Pamorex is the exploration arm of the Pamour group of companies, which includes Giant Yellowknife Mines. Share prices of the junior were recently trading at around 35 cents , in a 52-week range of 30-60 cents .
One of the shareholders, Robert Bell, a stockbroker from Sarnia, seemed to suggest the company should promote itself more in an effort to boost the share price.
He also said the company could have banked the proceeds ($16.5 million) from the sale last year of its half-interest in the Bell Creek gold mine at Timmins, and used the annual interest payment to bankroll its exploration plans.
High on the company’s project plans is the Nighthawk Lake gold property 10 miles east of Timmins, which has undergone an underground exploration program. Reserves to date stand at 1.6 million tons grading 0.17 oz gold per ton. Project engineering studies are being finalized.
President Adrian Fleming called the property “an interesting deposit.” Among the development options being considered, he said, should a favorable production decision be made, is having Giant Yellowknife mill the ore at its nearby Timmins facilities.
Elected to the Pamorex board of directors were Fleming, F. Martha Deacon, J.C. Lavigne and Edmund Merringer.
Pamorex is owned 40% by Pamour Inc. (TSE). A minority shareholder, with a 19.8% interest, is CSA Management, a Toronto-based investment firm.
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