COATS (over-the-counter) Gold Bar hit with lawsuit

It appears that Southern Arizona Mining and Smelting’s bid for a 50% interest in the Chester Twp. gold property near Gogoma, Ont. is in jeopardy. James Hunter, a shareholder of property owner Gold Bar Resources, has asked the court to prevent Gold Bar from issuing any shares or selling interests in any of its properties. Gordon Leliever, president of both Gold Bar and Southern Arizona, is also named in the lawsuit. An agreement between Gold Bar and Southern would allow Southern to earn a 50% interest in the property by spending $6 million on exploration and development. Southern shares closed at 22 cents, up 2 cents on a volume of 153,000 for the week ended July 23. Trading 3,000, Gold Bar remained steady at 18 cents. Registry Resources has moved into the Meen Lake area of northwestern Ontario with the option to earn a 50% interest in 28 claims. The claims lie next door to a gold property held by Major General Resources, where drilling is under way. Registry shares remained steady at $1.70.

Yet another over-the-counter company announced its farewell to the risky business of junior mining this week. Delbridge Mines has dropped options on two gold properties and changed its name to Hoverspace International. Hoverspace will be involved in manufacturing and distributing recreational and commercial hovercraft. Delbridge (Hoverspace) shares were 4 cents bid, 8 cents ask for the week.