Benefitting from the investor activity were several of the producing giants, including Inco Ltd., Placer Dome, Hemlo Gold Mines, Noranda Inc. and Falconbridge Ltd., which all traded several hundred- thousand shares each.
Continuing its popularity this past week was Val D’Or Resources, which among its various projects is the old Bardome gold property 30 miles from Val d’Or, Que.; the company is exploring the property with joint-venture partner Abcourt Mines. Val D’or, trading 541,000 shares, gained 6 cents to 48 cents , while Abcourt moved up 2 cents to 40 cents on a volume of 17,200.
American Barrick Resources and VSE-listed Malartic Hygrade Gold Mines (Canada) have agreed on an extension of their agreement which allows Barrick to mine on the latter’s Orion property in return for 40% of the profits. Barrick, which climbed 88 cents to $24 on 167,000 shares, operates the Camflo gold mine on adjacent property near the community of Val d’Or.
A deal has been worked out between Gordex Minerals, a New Brunswick gold producer, and Sphinx Mining whereby the latter will acquire a $2.5 million debenture convertible into Gordex shares at 70 cents per share. In addition, Sphinx will receive 400,000 warrants convertible into Gordex shares within three years at 70 cents per warrant. Gordex gained 3 cents to 48 cents on 24,700 shares, while Sphinx, trading 202,500 shares, jumped 21 cents to $1.50.
Concluding a $14.5 million financing with a bank for its Quebec graphite project was Stratmin Inc., which will proceed to construct a mill at its property. Stratmin, which dropped 14 cents to $1.25 on 70,900 shares, is going into production this month, the company having already rented the Asbury mill facilities on a long-term basis to process a portion of its graphitic material.
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