Montreal Exchange Goldex- Ormico program

A softening gold price, the result of quieter times in the Persian Gulf, seemed to spur the stock market. The general market portfolio index, while still off, was down by only 3.5 points for the week ended Sept. 4. Meanwhile, the mining and minerals index managed a gain of 7.3 points. Daily trading volumes for the holiday-shortened week ranged between 2.1 million and 6.5 million shares. Joint venture partners Goldex Mines and Ormico Explorations announced plans to continue exploring their property at Val d’Or, Que., with a $1.9-million program set to begin this month. The program will require a further eastward extension to the 1250 level drift, as well as underground and surface drilling. Trading 500 shares, Goldex dropped 4 cents to $2.70, while Ormico slipped 4 cents to 85 cents on a volume of 37,000.

Canamax, which was $1 bid, $1.15 ask on the week, is to gain a new parent. TSE-listed Amax Gold plans to sell its controlling interest in the gold producer to its own parent, Amax Inc. Canamax reports it will be reassessing ore reserves at its three Canadian mining operations, two of which it is shutting down this month. To remain open is the Bell Creek mine at Timmins, Ont.

A 5-year option to acquire a 100% interest in the Dovercliff property, seven kilometres east of Rouyn-Noranda, Que., has been obtained by Aurochs Exploration from Robopro Inc. The property hosts two old mining shafts. Trading 53,900 shares, Aurochs gained 1 cents to 30 cents.

Climbing 6 cents to 24 cents with 55,000 shares changing hands was Coleraine Mining Resources. The junior is set to begin a technical and economic evaluation of its chromite-ferrochrome project near Thetford Mines, Que.

Trading 1,000 shares and moving up 5 cents to $1.50 was Imperial Metals, which recently completed a feasibility study for its copper- gold Mt. Polley project, northeast of Williams Lake, B.C. The study was the subject of recent public information meetings at Williams Lake.