Wednesday close, Oct 22 Plans to consolidate Massval Mining’s stock on a 3-for-1 basis doesn’t seem to have dampened interest in the rekindled issue.
The price for the previously quiet company hasn’t exactly soared — up 2 cents on the week to 42 cents — but the volume was once again the highest on the Montreal Exchange this week with 439,000 shares changing hands.
Massval is undergoing a reorganization with an option to earn a 49% interest in a prime gold property now in the hands of Placer Development.
Placer itself was active this week trading 225,500 shares as it slipped 1 cents to $30.38.
Massval is now being managed by Somicom Management of Montreal which also handles Cogesco, an issue that has been struggling of late despite having various interests in several good gold prospects at least one of which is near production.
Cogesco did manage a 3 cents gain this week reaching 67 cents on 88,100 shares.
Gordex Minerals lost 15 cents as it traded 30,900 shares and closed at $1.89. It plans to stop adding cyanide to its New Brunswick heap leach ore at the end of this month and see how winter weather affects the operation, but overall the company has met or exceeded expectations. A 75% recovery rate on its first lift of ore has the company excited about the potential for next year’s season.
If drilling that just started on its Cape Spencer property is successful, the company could add significantly to its reserves at the open pit mine. Syngold Exploration slipped 4 cents to close at 95 cents on 25,600 shares . It has put nine drill rigs to work on three gold prosopects, two in Quebec and one in Ontario. The company has $3.9 million to spend by the end of February.
Rouyn Resources jumped 25 cents to $3.20 on 41,900 shares. Earlier this summer the company began a concerted effort to take its story to the public and it looks as though it’s doing well. When the campaign started the stock was at $1.70.
Rouyn plans to bring three mines into production in the Rouyn area of Quebec, all at about the same time and all within a short distance of each other.
It’s an ambitious plan, but an association with Lac Minerals, further cemented through a recent private placement to the major gold producer, has earned the company a certain amount of credibility. As well, its management has gained a reputation for doing its exploration homework well.