Montreal Exchange (October 14, 1991)

Volumes were steady but trading turned downward during the week ended Oct. 8, with the market portfolio off by more than 25 points and the mining and minerals index down by 26.7 points. Daily volumes ranged between 3.6 million and 5.6 million shares.

The ME reported that for September, the dollar value traded in its equity market totalled $1.41 billion, up from August and from the same month one year ago. The mining and minerals index suffered, falling by almost 6% during September.

Among the volume leaders for the week was Audrey Resources, which is trying to raise $40 million to repay debt and finance development of the Mobrun polymetallic mining project near Rouyn-Noranda, Que. Trading 246,500 shares, Audrey dropped by 13 cents to $1.13.

Canamax Resources, which closed unchanged at 29 cents on a slim volume of 400, said it will be closing its Bell Creek gold mine near Timmins, Ont., the closure tied to the prevailing weak gold market. Canamax is negotiating to sell the mining operation.

Societe d’Exploration Miniere Mazarin and Cache Explorations recently concluded, in separate deals, property option agreements with Quebec Crown mineral exploration agency SOQUEM. Trading 59,600 shares, Mazarin closed unchanged at 31 cents. Cache slipped by one penny to 16 cents with 6,000 shares changing hands.

Boosting its interest in North American Rare Metals, through an open market purchase, was Tandem Resources. Tandem, off by two cents to seven cents on 12,800 shares, now owns 28.5% of North American; it said the purchase was for investment purposes. North American dropped by two cents to seven cents on 14,100 shares.