Toronto Stock Exchange Metals the bright spot in a languishing

Wednesday close, Oct 15 The market spent the holiday week languishing in the doldrums and the story was no different today. The widely-followed composite 300 was down 0.80 pts to close at 3,017.39. The gold and silver index took it on the chin with a 60.87 drop to 5,154.96. The price of the yellow metal was down as well with the Montreal spot closing at $424(US)-bid $426(US)-ask. The bright spot of the day comes from the metals and minerals index which posted a 20.95 pt gain to 2,141.29.

This year’s exploration program is winding up at the Ketza River gold project in the Yukon, held in joint venture by Pacific Trans Ocean Resources, this week’s most active trader, and Canamax Resources. Metallurgical testing and data evaluation is the next stage, a Pacific Trans Ocean spokesman tells us. Reserves (combined oxide and sulphide) on the property so far stand at 950,000 tons grading 0.36 oz gold per ton. Over the week Pacific Trans Ocean new-highed at $2.95, up 17 cents while Canamax was down 63 cents to $7.13. In today’s trading, Pacific Trans Ocean closed 2 cents down at $2.65 on a volume of 14,900. Canamax was off 38 cents to $6.34 on a volume of 8,800.

Denison Mines is said to be talking to interested parties looking to purchase its 54% stake in Lake Ontario Cement. Denison A and B shares were both up on the week. Today the B shares were up 13 cents to $6, while the A shares loss a quarter to $6.13.

With a platinum/chromium discovery just announced in Brazil, TVX Mining was busy and better today with some 1.7 million shares trading hands for a 32 cents gain to $1.52, which is just shy of its $1.55 52-week high.

In other platinum news, Madeleine Mines has been hopping all week with a 40 cents increase to a new high of $4.15. This company plans to bring the Lac des Iles platinum property near Thunder Bay into production. Madeleine closed at $3.90 today with a gain of a dime.

Teck Corp has an option to bring Vancouver-listed Fleck Resources’ Marathon platinum/palladium bet into production. Teck’s B shares dropped 25 cents on the week to an even $24. In today’s trading, 13 cents was lost for a close of $23.88. Fleck, meanwhile, has an option to earn up to 75% of the platinum metals property of Great Lakes Nickel located near Thunder Bay. Great Lakes was up 8 cents on the week to 68 cents , but closed today at 65 cents down 3 cents .

Meanwhile, Lac Minerals has a one-third interest in the Stillwater Montana platinum project which is scheduled to come into production next year. Lac shares were off $1.13 on the week to $25.63. With 38 cents lost in today’s trading, it closed at $25.25.

Lac will be heading to the court of appeal in about one month’s time regarding Mr Justice Richard Holland’s decision to transfer the Page-Williams Hemlo mine to International Corona. Corona made headway marketwise over the week with a gain of $1.38 to new high at $28.88. Today it lost 13 cents for a close of $28.

Meanwhile, Lac’s joint venture partner on the Doyon mine in northwestern Quebec, Cambior fared well over the week with a 25 cents gain to new-high at $16.75. It was down 38 cents today for a close of $15.50.

Recent new-comer to the Toronto market is Power Exploration. Some $2.4 million has been raised through a public offering and the funds will go into exploration on its Pickle Lake, Ont. gold properties. Over the week, Power was up a dime to $1.25, while today 8 cents was tacked on for a close of $1.30.

Emerald Lake new-highed at $5.38 this week, but closed today at an even $5. This company is working on the Golden Rose property north of Thunder Bay, Ont. Another new-higher this week is Peter Munk’s American Barrick. With a gain over the week of 38 cents , it reached $23.25. In today’s trading it lost 50 cents for a close of $22.13.

In base metals circles Noranda Inc. was down a $1.13 on the week to $19.38. There was a 25 cents improvement today for a close of $19.63 on a volume of 95,400. Falconbridge which has recently announced some cost-cutting moves including production cutbacks and layoffs, was down 38 cents on the week and 13 cents on the day for a close of $18.25. For Inco Ltd it was a loss of 38 cents on the week to $18.75 with trading unchanged today.