Montreal Exchange (June 20, 1988)

Better market showing

A volatile gold price notwithstanding, the market continued to strengthen this past week, with both the market portfolio and mining and minerals index registering sizable gains (approximately 24 pts and 19 pts, respectively). Daily trading volumes were on the light-to- moderate side, ranging between 4.3 million and 6.6 million shares.

Among the week’s leaders were base-metal giants Noranda Inc. and Inco Ltd., which both moved up, the former 12} to $23 and the latter $1 to $39.88.

Recently optioning gold placer claims in the Yukon and British Columbia to COATS-listed Black Cliff Mines was Menora Resources, which closed unchanged at 10} on 100 shares. Black Cliff may earn a 50% interest in the properties by spending $310,000 during a three- year period.

Trading 4,900 shares and gaining 1} to 18} was Ramcor Resources, which is planning an exploration program on five recently-acquired claims in Dalquier Twp. in northwestern Quebec.

Orex Exploration, which is earning a 50% interest in the Goldboro property, a former producer, in Nova Scotia, lost 4} to $1.20 on a volume of 6,000. A $7.5-million exploration program is planned for 1988 and a $2.75-million program for 1989. Orex’s partners in the venture are TSE-listed Onitap Resources and Narex Ore Search Consultants.

Closing unchanged at 34} with 163,100 shares changing hands was Maufort Resources, which, among other projects, is busy at the Siscoe and adjoining Siscoe-extension properties in northwestern Quebec with partners Cambior Inc. and Demontigny Resources. Cambior traded 164,200 shares, slipping 88} to $15 on the week.

Newly listed on the ME is Normabec Resources of Rouyn-Noranda, Que.