Montreal Exchange Final Eastmain study

Encouraging news from northern Quebec has partners Placer Dome and MSV Resources about to undertake a final feasibility study on the Eastmain gold project, which could be put into production by late 1989 depending on the results of the study. The companies have been reporting reserves of about one million tons grading 0.45 oz gold per ton for the property, located near James Bay. On the week, Placer Dome traded 198,400 shares and closed down 13 cents to $15.88, while MSV’s A stock traded 251,200 shares and slipped 29 cents to $3.20.

Investors jittery about a rise in inflation and interest rates have brought another week of mixed trading to the stock exchange, where the market portfolio and mining and minerals index were both down by week’s end. Daily trading volumes ranged from 4.4 million to 5.5 million shares.

Among the week’s leaders was Aunore Resources, which is extracting a bulk sample from the Elder gold project near Rouyn-Noranda, Que., along with TSE-listed partner Nova Beaucage Mines. Aunore closed unchanged at 75 cents on a volume of 303,500.

Recently announcing plans to mine a bulk sample at the Gilbert River gold placer deposit south of Quebec City were Macamic Resources and Coniagas Mines. Macamic, which closed unchanged at 14 cents on 46,000 shares, expects to recover 2,000 oz from the test. Coniagas slipped 4 cents to $2.80 with 4,700 shares changing hands.

Announcing an option agreement on claims in Michaud Twp. east of Timmins, Ont., was Moneta Porcupine Mines, which traded 3,000 shares and dropped 3 cents to 90 cents . Moneta and Unocal Canada have an agreement-in-principle whereby the latter may earn a 50% interest in the property by spending $5 million on exploration work during a 3-year period.

At the Valdez Creek gold placer project in Alaska, Cambior Inc., which slipped 25 cents to 14.13 on a volume of 88,100, reports it has concluded a deal with its two partners to increase its interest to almost 53%. TSE-listed Camindex Mines, however, retains an option to repurchase its original 51% interest in the project. The third partner is American Barrick Resources, which gained 50 cents to $24.50 on 40,300 shares.