The market seems to have ignored the results of a separate feasibility study on Teddy Bear Valley Mines’ portion of the Lightning gold zone near Matheson, Ont., into which Hemlo Gold Mines, Freewest Resources and Newmont Mining are collectively earning a 60% interest.
Although the study says it is uneconomic to mine Teddy Bear’s reserves as a separate deposit, the company’s share value remained unchanged at $1.75 on 6,000 shares for the week ended Oct. 1, 1991. It is now studying the feasibility results to decide if the company has fulfilled its agreement with Newmont.
Some attributed the lack of activity to the fact that Teddy Bear’s shares are mostly held by its directors.
The Lightning zone of the Holloway property, a joint venture of Hemlo and Freewest, dips on to Teddy Bear’s adjacent claims.
The plan of Holcorp Mines and TSE-listed Arimetco International to acquire a 100% interest in 305 unpatented mining claims near Arimetco’s Yerrington mine in Lyon Cty., Nev., generated some investor interest. Holcorp traded in the range of 65-70 cents on 57,000 shares for the week.
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