Montreal Exchange (November 11, 1991)

Maintaining its trading momentum during the week ended Nov. 5 was Societe d’Exploration Miniere Vior, which announced plans to raise up to $500,000 through a private placement. The proceeds will be used mainly to drill the Douay gold project in the Casa Berardi area.

The junior, which gained eight cents to 47 cents on more than 600,000 shares, recently negotiated a deal with Inco whereby Vior will increase its property portfolio in Quebec in exchange for treasury shares (which will give Inco control of Vior). Trading 204,400 shares, Inco moved ahead by 63 cents to $37.25.

While the general market portfolio had a gain of 7.6 points during the week, the mining and minerals index dropped by 7.6 points. Daily trading volumes were relatively strong, ranging between 5.4 million and 7.4 million shares. Radisson Mining Resources, off by three cents to 13 cents on a volume of 384,000, said it is negotiating financing needed for exploration work at property adjacent to its Duquesne project. The company is also negotiating a change (related to the method of payment) to the agreement under which Radisson obtained ownership of the Duquesne property in 1989. Recently signing a letter of intent for a property option agreement with Teck Exploration was Ressources William, which dropped by two cents to 15 cents on 700 shares. Teck may earn a 51% interest in William’s Montgay property northeast of Val d’Or, Que., by making a cash payment and spending $1 million on exploration work within a 3-year period.

According to the president of Wrightbar Mines, William Cluff, the majority of his company’s directors opposes the proposed sale of a block of Wrightbar shares owned by Belmoral Mines to a numbered Ontario company. Cluff said the board was surprised by the Belmoral announcement of the proposed sale. Trading 45,500 shares, Wrightbar closed unchanged at eight cents. Belmoral closed unchanged at 10 cents on 94,500 shares.