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by Stockwatch Business Reporter
New York spot gold gained $6.10 to $1,225.80 on Thursday. The TSX Venture Exchange gained 3.64 points to 810.92 while the TSX Gold Index lost 1.99 points to 208.34. Torex Gold Resources Inc. led the decline, dropping 93 cents to $26.59 on 694,000 shares.
Nav Dhaliwal's Bonterra Resources Inc. (BTR), up one cent to 36 cents on 300,000 shares, is acquiring the Thubiere gold project in the Urban-Barry district of Quebec. Mr. Dhaliwal, president and chief executive officer, calls the 338-hectare property a "strategic acquisition," lying northwest of its Arena property. He points out that it is surrounded by a large land position held by Osisko Mining Inc. (OSK: $4.19). Mr. Dhaliwal says that Thubiere has been "poorly explored" to date -- presumably he means barely explored, rather than passing judgment on the quality of the previous work, since he touts that old work as "strongly supporting" future exploration along a main fault. Curiously, Bonterra is paying $5,000 in cash and 150,000 shares for Thubiere, while offering $10,000 in cash plus 150,000 shares for just 226 hectares of claims adjoining the project, making them, one might think, an even more "strategic acquisition."
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