Montreal Exchange (September 09, 1991)

Daily trading volumes were consistent and in the range of 3-4 million shares for the holiday-shortened week ended Sept. 3. The results were hardly anything to write home about, however. Both the market portfolio and mining and minerals index closed down, the former by 12 points and the latter by more than 23 points.

Signing a 3-year option agreement to acquire an ilmenite deposit 60 km north of Montreal was Gaspesie, Societe d’Exploration, which traded 117,800 shares and gained four cents to 10 cents. The junior said the deposit contains a minimum of 10 million tons grading 20% titanium oxide. MSV Resources, which closed unchanged at 30 cents on a volume of 32,700, reported extending, for an indefinite period, its joint venture agreement with Meston Lake Resources regarding the Eastmain gold project in northern Quebec. The company said it awaits environmental permits for the project and the planned winter road.

The Omai gold project in Guyana in South America is shaping up. Recently signing a mineral agreement related to the project were Cambior, Golden Star Resources and the Guyanese government. Cambior has a 60% interest in the project, Golden Star 35% and the government 5%. Project financing is being negotiated for the project, which has undergone detailed engineering. Trading 122,100 shares, Cambior slipped by 50 cents to $9.25. Golden Star closed unchanged at $1.13 with 2,000 shares changing hands.

Reporting a record first-half gold output of 43,700 oz. was Campbell Resources, which operates the Joe Mann mine south of Chibougamau, Que. The mine also produced 783,000 lb. copper during the 6-month period. Campbell, which moved up three cents to 45 cents on 23,300 shares, has introduced a shrinkage method of mining at Joe Mann which has helped to boost gold output.