Toronto Stock Exchange Market pulls out of tailspin to fly above 3,

Wednesday close, Sept 24 The market managed to regain some lost ground afterlast week’s tailspin to below the 3,000 pt level. Today with over 18 million shares changing hands, the widely followed composite 300 was up 11.22 pts to settle at 3,017.31. Though the gold and silver index was off 18.72 pts on the day, it did make a net gain of 107.41 pts over the week to reach 5,189.09. The price of the yellow metal on the Montreal spot market came in at $431(US)-bid $433- (US)ask. Metals and minerals suffered today with an 11.41 pt drop to 2,217,84, while oil and gas enjoyed a 16.15 pt gain to 2,747.20.

With over 1.4 million shares traded, Noranda Inc. was this week’s most active issue. With a gain of $1.63, a new high of $21.75 was reached. In today’s trading, a quarter was dropped for a close of $21.13. Operator of the the Golden Giant mine in the famed Hemlo, Ont. camp, its partners are Golden Sceptre Resources and Goliath Gold Mines. Over the week, both these issues enjoyed steady gains and reached new highs. Golden Sceptre was up a $1.75 to $12.88, while Goliath rose $1.38 to $13.25. Today the former lost 13 cents for a close of $12.25, while the latter traded unchanged at $12.88. As mentioned last week, there are rumors the three partners are forming a new public company backed with financing that will help ease Noranda’s debt problems.

In other Hemlo-related news, Lac Minerals announced it will continue to operate the Page-Williams mine under an extension which will apply until the final determination of its court case or six months, whichever occurs the earlier. Over the week, Lac shares gained 88 cents to settle at $26.63 with trading unchanged today. Courtroom opponent, International Corona was up on the week by $1.13 to $24.38, while in today’s trading, 13 cents was lost for a close of $24.13.

Teck Corp. has just signed an letter of intent agreement on a property in the Hemlo area with Vancouver-listed Fleck Resources. Teck has an option to acquire a 100% interest in the Fleck’s Marathon platinum/palladium play subject to a 50% net profits interest to Fleck by completing a preliminary evaluation of the property by the end of this October and a formal feasiblity study by Sept. 30, 1987. Teck B shares were up 88 cents on the week to $26.75, a new high. Today, the price slipped 13 cents for a close of $26.

A new high of $31.63 was logged in by Echo Bay Mines this week. This major gold producer has said yes to a $3.6 million underground program on Nuinsco Resources’ Cameron Lake property in northwestern Ont. Nuinsco reached a new high of $1.95 over the week, but today it slipped a dime to $1.70. Echo Bay dropped 13 cents for a close of $30.63.

Two other companies that have also struck up a deal are Bachelor Lake Gold Mines and Sullivan Mines. They’ve entered a joint venture to further explore Sullivan’s Flordin gold property in Desjardin Twp. Que. Bachelor was up 20 cents on the week to $2.45, while today 30 cents was dropped for a close of $2.15. Sullivan gained 55 cents this week to reach $5.50. It closed at $5.38 today after a loss of 13 cents .

Davidson Tisdale reached a new high of $7.13 this week, though it closed today at $6 after a drop of a quarter. This company recently netted $4 million via a private placement. Concurrent with this placement, Getty Resources has confirmed its 50% interest and operatorship of the Tisdale joint venture near Timmins, Ont.

There are strong rumors circulating that Galactic Resources and Sonora Gold are set to marry. Over the week, the former was down a quarter to $9.75, while Sonora traded unchaged at $7.25. Trading was unchanged in both issues today.

Agnico-Eagle soared to a new high of $34.75 with a gain of $2.63 on the week. Today it closed at $33. Other Paul Penna companies fared well over the week as well. Dumagami Mines was up $1.25 on the week to $12.38. It traded unchaged at $11.25 today. Goldex Mines advanced 30 cents to $3.45 on the week.

Dickenson Mines witnessed both its A and B shares reach new highs of $10.75 and $10.88, respectively this week. This 40-year old gold proudcer has made a dramatic turnaround and is involved in a heavy development program on the 30th level at its mine in the Red Lake mining division of Ontario. Today the A and B shares closed at $10.13 and $10,38, respectively.