Montreal Exchange Orex, Onitap settle

An out-of-court settlement with TSE-listed Onitap Resources helped Exploration Orex to become one of the week’s top traders with more than 500,000 shares changing hands. Orex, which jumped 6 cents to 48 cents, launched the lawsuit during the summer over the Goldboro gold exploration property in Nova Scotia. The pair amended a purchase agreement which will see Orex gain 100% ownership of the project from Onitap. For the week ended Dec. 18, both the market portfolio and mining and minerals index closed down, the former by more than 17 points and the latter by nearly 24 points. Daily trading volumes ranged between 5.1 million and 7.8 million shares.

Societe Miniere Mimiska announced the discovery of a nickel- copper-platinum showing at the Contact Bay property near Dryden in northwestern Ontario. Mimiska, which has an option to earn a 100% interest in the property, gained 15 cents to 40 cents on a volume of 117,700.

Continuing to ride high on news of its exploration plans for its Manicouagan crater project north of Baie Comeau, Que., was Societe d’Exploration Miniere La Sarre. The company traded more than 800,000 shares but slipped 3 cents on the week to 22 cents.

A rights offering by Stratmin could raise as much $6 million, the company says. Stratmin has earmarked most of the proceeds to repay advances used to finance construction and startup costs at its St- Aime-du-Lac-des-Iles mill at its graphite project north of Montreal. Trading 31,800 shares, Stratmin dropped 19 cents to 95 cents.

Struggling Aurizon Mines is negotiating the sale of certain land and buildings at its Beacon property (a former gold producer) near Val d’Or, Que., to Energy, Mines and Resources Canada, which is planning to use the facilities as a research centre. Aurizon, which gained 3 cents to 8 cents on 109,100 shares, would retain the mine and mill complex, all operating facilities and all mineral rights.