Montreal Exchange St. Genevieve popular

On the week, both the market portfolio and mining and minerals index suffered losses. The former dropped almost 22 pts and the latter more than 31 pts. The daily volumes ranged between 5.2 million shares and 7.4 million shares and were stronger towards the end of the week.

Abitibi Resources, which slipped 1 cents to 4 cents on 80,900 shares, wants to change its name to Consolidated Abitibi Resources and undertake a share consolidation as part of its merger plan with three associated companies. Also involved in the deal is Aur Resources, which has an option to acquire an interest in some of Abitibi’s properties as well as an equity interest in the new company. Trading 9,500 shares, Aur closed unchanged at $3.05.

Battling both lower gold prices and soggy ground conditions at its Winston Lake zinc mine in northwestern Ontario, Minnova Inc. recorded lower first-quarter net earnings than in 1988. Minnova, trading 1,500 shares and closing unchanged at $20.13, is planning two mine openings this year.

Now into the final phase of an exploration program at the gold- silver-zinc Silver Queen mine in central British Columbia is Pacific Houston Resources. Targets of the program are the southerly and depth extensions of the No 3 vein and its offsets. Pacific Houston (formerly Houston Metals) closed unchanged at 75 cents on 9,200 shares.

In the process of negotiating new financing to resume work on its Jolin gold property near Val d’Or is Abitibi Metals Mines, which closed unchanged at 4 cents on a volume of 83,700 shares. The new work would include surface drilling and digging of an access ramp.

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