Alberta Stock Exchange (September 30, 1991)

Following its court battle with Metalore Resources over the Brookbank gold property in northwestern Ontario, Ontex Resources has announced a letter of intent covering an option deal with large gold producer Placer Dome.

The deal could net Placer up to a 60% interest in the project based on exploration expenditures. Ontex gained 13 cents to $2.13 on 66,500 shares during the week ended Sept. 24. Metalore is appealing the decision which gave Ontex a 100% interest in the project.

Pacific Metals, trading 322,100 shares and climbing 13 cents to $1.50, reported entering into an agreement with Concord Mining NL to acquire a 100% interest in Concord’s Wattle Gully property in Australia.

At Johnson Gulch in South Dakota, a U.S. subsidiary of Naneco Minerals, Minerva Explorations, received a permit authorizing mining activities on 122 acres of property, said Naneco, which was eight cents bid, 13 cents ask on the week.

Champion Bear Resources reported raising $460,000 from the sale of flow-through shares at $2.25 each and equity shares at $2 each. The total number of shares to be issued is 191,250. Champion, which closed unchanged at $2.25 on a volume of 9,500, said the proceeds will be used for exploration work at its Ontario properties.

Kingswood Explorations 1985, which closed unchanged at 17 cents on 83,300 shares, announced it made an offer to acquire a private company, Rupert Resources, which owns a 50% interest in the Lac Marcaut gold exploration property north of Matagami, Que.