Dumagami Mines, which placed its Donald La Ronde gold mine at Cadillac, Que., into production last summer, is considering doubling capacity there to 4,000 tons per day, which would place the mine among the leading gold producers in the country. A report (yet to be made public) on a re-evaluation of the mine’s reserves is apparently behind the proposal. Dumagami slipped 50 on the week to $12.38 on a volume of 4,700.
Formally launching a takeover bid for at least 90% of the outstanding shares of junior Nova-Cogesco Resources at $1.80 per share was Cambior Inc.; the offer is scheduled to expire Jan 27. Cambior, which traded 58,900 shares and dropped 50 to $11.50, announced towards the end of 1988 its intention to acquire control of Nova-Cogesco, which climbed 5 to $1.77 with 84,600 shares changing hands.
Armistice Resources, which jumped 15 to 85 on 124,000 shares, reported more encouraging results from its underground deep- drilling program at Virginiatown, Ont. Latest drilling is from the 1,850 level.
Also encouraged by drilling results, from an underground exploration program at the Joubi gold project at Val d’Or, Que., are partners Western Quebec Mines, Messeguay Mines and Oasis Resources. Vertical fan drilling is taking place at the 220-ft level. Western lost 4 to $1.25 on 1,000 shares, while Messeguay and Oasis both closed unchanged, the former at 24 on 46,500 shares and the latter at 16 on 43,500 shares.
Pleasing assays continue to come in for partners Stabell Resources and VSE-listed Acquisitor Mines, from their Dubuisson gold property at Val d’Or, Que. More drilling is planned. Stabell jumped 6 to 18 on 61,500 shares.
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