Montreal Exchange Claim dispute brewing

A claim-staking dispute is brewing over property in Benoit Twp. in northwestern Quebec near where a gold showing by Freewest Resources recently caused a staking rush. The Freewest discovery instantly propelled the area into the news. Ressources Miniere Forbex of Rouyn-Noranda reported filing a notice of staking involving 54 claims north of the Freewest find; some of the claims are covered by a lake. Freewest has publicly disputed the Forbex filing, the former’s argument based on earlier staking by Freewest geologists. Trading 119,200 shares during the report period, Freewest slipped by 25 cents to $3.88. Forbex, with 57,000 shares changing hands, was off by 11 cents to 12 cents.

For the week ended March 12, the market portfolio declined by more than 16 points and the mining and minerals index gained 6.8 points. Daily trading volumes ranged between 4.3 million and 9.4 million shares.

Noranda has offered its gold property assets to 50.8% owned affiliate Hemlo Gold Mines for a rumored $200 million. The deal, according to analysts, would be an excellent one for Hemlo Gold, whose sole producing property is the Golden Giant mine at the Hemlo camp in northern Ontario. Hemlo Gold, which closed unchanged at $9.25 on 56,600 shares, is hoping to make a decision on the offer by the end of March. Trading 75,700 shares, Noranda gained 50 cents to $18.13.

A 4-hole test drilling program has been completed at the Goldboro gold project in Nova Scotia where Minnova has an option deal to earn a majority interest from Exploration Orex. Minnova, part of the Noranda group of companies, slipped by 50 cents to $15.75 on a slim 1,000 shares. Junior Orex was off by 5 cents to 45 cents on a volume of 214,400.

Canspar Resources has worked out a deal with SOQUEM, the Quebec government’s mineral exploration company, whereby the latter may earn a 50% interest in Canspar’s dolomite property north of Hull, Que., through exploration work. Canspar gained 10 cents on the week to 20 cents on 2,400 shares.