Montreal Exchange Wrightbar advances

The Christmas holiday may have shortened the trading week to three days, but the news was mostly cheery. The metals and minerals index closed up 18.6 points, while the general market portfolio index managed a gain of more than 12 points. Daily trading volumes had dropped off considerably by the end of the report period.

Continuing to trade well was Wrightbar Mines, which has signed an option agreement with St. Genevieve Resources whereby the latter may earn a 50% interest on the southern portion of Wrightbar’s property near Val d’Or, Que., by funding exploration work there. The companies are hoping to uncover an economic base metal deposit. Wrightbar climbed 4 cents to 62 cents on a volume of 354,700, while St. Genevieve, trading 37,300 shares, slipped 5 cents to $2.07.

Interest in the large massive sulphide discovery of Aur Resources and Societe Miniere Louvem in the Val d’Or area appears to have cooled. Investors may be wary of a potential lengthy court battle over ownership of the Louvicourt Twp. property. Trading 57,600 shares, Aur gained 50 cents to $13.50; Louvem closed unchanged at $9.13 on 83,700 shares.

Exploration Orex reports completion of a $6-million financing which has allowed the junior to proceed with underground exploration work at its Goldboro gold property in Nova Scotia. Orex closed unchanged at $1.40 with 265,500 shares changing hands.

Tandem Resources, which gained 2 cents to 30 cents on 281,500 shares, is negotiating an option agreement with TSE-listed Central Crude for exploration of the Moss Lake gold property west of Thunder Bay held by Tandem and ASE-listed Storimin Exploration. Central Crude could earn up to a 51% interest in the property by spending $4 million during a 5-year period.

Actively exploring the Granada gold property near Rouyn-Noranda, Que., is Kewagama Gold Mines (Quebec), which jumped 24 cents to $1.49 on 47,600 shares.

Teck Corp. is negotiating an option agreement with Orient Resources to acquire a 50% interest in the latter’s Tavernier-Tiblemont polymetallic property east of Val d’Or. Trading 23,100 shares, Teck B slipped 88 cents to $26.75, while Orient moved up 4 cents to 39 cents on 57,300 shares.