Montreal Exchange Cambior exits Red Lake

A falling gold price at week’s end seemed only to spur investors on the Montreal Exchange, where both the market portfolio and mining and minerals index recorded gains during the holiday-shortened trading session. Gold, which only a few weeks ago was riding high in the $465(US)-per-oz range, tumbled to the mid-$430 level at presstime.

Cambior Inc., which traded 60,400 shares and slipped 50 cents to $15.63, is selling its 34% interest in the A.W. White gold mine in the Red Lake area of northwestern Ontario to mine partner and operator, TSE- listed Dickenson Mines. Cambior is receiving $52 million plus working capital adjustments. The large Quebec gold producer has indicated it will use the money for acquisitions.

Reviewing joint-venture proposals for exploration and development of its Courville Twp. gold property in the Val d’Or area of Quebec is Parquet Resources, which closed unchanged at 17 cents on a volume of 12,100. The company has announced more encouraging results from 15 short holes drilled in March and April.

Drilling at the Chester Twp. gold project southwest of Timmins, Ont., continues to please Chesbar Resources, which dropped 9 cents to 95 cents with 6,200 shares changing hands, and partner, VSE-listed Murgold Resources. A decline ramp at the site is being dug to 500 ft vertical.

At the Elder gold mine project near Rouyn-Noranda, Que., where a surface exploration program is in progress, Aunore Resources and partner TSE-listed Nova Beaucage Mines are planning a bulk-sample operation for later this year. Aunore traded 13,700 shares, closing unchanged at 80 cents .

Aster Exploration is merging with Eastmin Exploration, allowing the new company (to be called Aster Exploration) to broaden its base with mining interests in Quebec and oil and gas interests in Alberta. Aster moved down 1 cents to 11 cents on 3,300 shares.

Newly listed on the ME are Aurtec Mining Development of St. Eustache, Que., Equity Reserve of Vancouver and the A shares of Orbite Exploration of Montreal.