Montreal Exchange (December 09, 1991)

The market portfolio and mining and minerals index moved in opposite directions, with the former gaining almost 14 points and the latter dropping by almost 14 points during the week ended Dec. 3. Daily trading volumes ranged between 3.7 million and 7.6 million shares.

Base metal producer Minnova announced it is negotiating a deal with Falconbridge Ltd. to purchase the latter’s interests in three copper-zinc properties in the Northwest Territories. Both companies are members of the Noranda group. Minnova moved ahead by 25 cents to $16 on 1,900 shares. Campbell Resources, whose gold output at the Joe Mann gold-copper mine southwest of Chibougamau, Que., is well in front of last year’s total, closed up by 3 cents to 53 cents on a volume of 82,300.

Volume leader for the week, with more than 800,000 shares changing hands, was Bakertalc, which produces talc and soapstone in Quebec’s Eastern Twps. Also strong was Aurizon Mines, whose Sleeping Giant gold property north of Amos, Que., is undergoing exploration by Cambior. Aurizon gained a dime to 30 cents. Cambior, trading 28,400 shares, slipped by 50 cents to $9.50. Northeast of Val d’Or., Que., at the Courville property, Cache Explorations reported results from a summer drilling program that indicate that the extensions of zone A have a lower grade than that found in the zone’s centre. Trading 9,800 shares, Cache was off a penny to 17 cents. Cache is earning a 50% interest in the property from Parquet Resources, which closed unchanged at 5 cents on 15,000 shares.

Inco-controlled TVX Gold, off 25 cents to $3.75 on 1,000 shares, is planning to sell its 34.1% interest in High River Gold Mines to an Australian company. Newly listed on the ME is Dundee Bancorp, which recently acquired the non-precious metal assets of International Corona.