Resource issues put on a strong show this week, with the mining and minerals index moving up more than 54 pts. In comparison, the general market portfolio index gained slightly more than 9 pts. Daily trading volumes were generally light, ranging between 3.1 million and 5.6 million shares.
Making a bid to boost its small shareholding in junior Nova- Cogesco Resources, from about 4% to 30% or better, is major Quebec gold producer Cambior Inc. Nova- Cogesco has interests in a number of properties, including the promising Silidor project at Rouyn- Noranda, Que. Cambior, which traded 41,600 shares and closed up 13 to $13.25, is offering $1.50 per share. Nova-Cogesco gained 45 to $1.55 on a volume of 82,300.
Top trader on the week among mining issues was Messeguay Mines, which closed unchanged at 29 on 743,600 shares. Messeguay has struck a deal with major producer Corona Corp. whereby the latter may earn up to a 70% interest in a portion of Messeguay’s Launay- Privat gold claims northeast of Rouyn-Noranda. Trading 117,500 shares, Corona slipped 25 to $8.
Announcing encouraging results from a preliminary underground drill program at the Granada property in northwestern Quebec was Kewagama Gold Mines, which dropped 4 to $1.20 with 7,500 shares changing hands. The company says the holes were drilled, from existing underground workings, to test previously undeveloped ground.
Robex Resources reports plans to start production at a barite deposit in Quebec’s Eastern townships in late 1989, pending completion of a financing deal. Barite is used mainly in the manufacture of drill muds used in the petroleum industry.
Hoping to raise $3-$8 million through the issue of Class A special shares to complete its financing requirements for its Beauchastel gold project in northwestern Quebec is Augmitto Explorations. The company’s shares closed unchanged at 80 on 13,000 shares; Augmitto is planning a spring, 1989, start-up for the mine.
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