Montreal Exchange Indices show gains

Investors welcomed in a new month in an optimistic mood, with both the market portfolio and mining and minerals index posting gains for the holiday-shortened week ended April 2. The former moved up by more than 20 points, and the latter by almost 16 points. Daily trading volumes were fairly strong, except for Easter Monday. From the Sleeping Giant gold mine property north of Amos, Que., exploration program operator Cambior and partner Aurizon Mines reported intersecting mineralized zones in a hole drilled northwesterly from an underground station. Cambior, which closed unchanged at $9.75 on a volume of 90,200 shares, has three drill rigs working the property. Aurizon, trading 8,300 shares, closed unchanged at 17 cents.

Western Quebec Mines has agreed to purchase, subject to regulatory approval, seven claims in Dubuisson Twp. in northwestern Quebec from VSE-listed Malartic Hygrade Gold Mines (Canada) for a total price of $600,000. The claims are contiguous to Westerns Joubi property. Western gained 3 cents on the week to 58 with 2,000 shares changing hands.

Ressources Minieres Rouyn, which was 10 cents bid, 20 cents ask on the week, reported a writeoff of $4.3 million for 1990 for its 50% owned Francoeur gold mine property near Rouyn-Noranda, Que. The company plans to finance its Francoeur work budget for 1991 through the sale of gold produced mainly from ore development.

Evidence of a sluggish gold market can be found in the share prices of more than a few juniors, including Exploration Orex, which has an active exploration project in Nova Scotia but which closed the week at 26 cents, La Fosse Platinum, at 18 cents, and Parquet Resources, which was 8 cents bid, 10 cents ask.

Negotiations with investors of a private placement, involving shares and warrants and worth a minimum of $250,000 and a maximum of $1.5 million, were reported by Societe Miniere dExploration La Sarre. The Rouyn-Noranda-based junior closed unchanged at 9 cents on 155,400 shares.