Montreal Exchange Agnico reports find

News of a gold discovery near the producing Eagle/Telbel mining project of Agnico-Eagle Mines in the Joutel, Que., area helped shares of the company to jump by $1.25 to $7. The company traded 263,400 shares during the week ended Nov. 13. Results from seven holes have been released; the current 20,000-ft. surface drilling program is expected to be completed before Christmas. On the week, the market portfolio and mining and minerals index both experienced gains, the former advancing by 52.6 points and the latter by more than 14 points. Daily trading volumes ranged between 3.4 million and 6.7 million shares.

The ME reported increased activity in October. The total monthly value traded was up sharply from September, while the average daily volume increased to 6.2 million shares from 5.9 million shares in September.

Cambior, which may produce close to 230,000 oz. gold this year, reports it has sold forward all of its fourth-quarter gold output and about 60% of its 1991 output. The Val d’Or, Que.-based company traded 74,500 shares on the week, slipping 63 cents to $9.88.

Near Rouyn-Noranda, Que., Ressources Minieres Rouyn says a first collective agreement has been concluded with workers at the Francoeur gold mine property. Rouyn, the operator, owns the mine on a 50/50 basis with LAC Minerals. Trading 3,000 shares, Rouyn moved up 5 cents to 70 cents. LAC slipped $1.25 to $7.75 on a volume of 148,600.

From the Grevet zinc project southeast of Matagami, Que., VSM Exploration and Serem-Quebec reported a 22-ft. intersection grading 17.9% zinc from zone III. Drilling continues. VSM gained 15 cents to $1.20 on 181,700 shares.

VSM and Serem recently negotiated an option agreement for a gold property in the Val d’Or area with Orient Resources, which dropped 1 cents to 13 cents with 97,300 shares changing hands. By spending $400,000 on exploration work during the next two-and-a-half years, VSM and Serem may earn a 60% combined interest in the property.