Montreal Exchange Market retreats

Volatile financial markets had a negative impact on the Montreal Exchange during the week ended Jan. 30. The price of gold advanced at the beginning of the report period, then backed off. Both the market portfolio and mining and minerals index were in decline, the former off by almost 74 points and the latter by 28.6 points. Daily trading volumes ranged between 4.7 million and 9.7 million shares.

Among the week’s trading leaders was Cambior, the cash-rich gold producer rumored to be a potential takeover candidate. Trading 455,400 shares, Cambior jumped $2.88 to $19.13.

North of Amos, Que., the Sleeping Giant mine of Aurizon Mines, part of the Hughes-Lang group, reported gold production for 1989 of 29,552 oz. The company, whose shares closed unchanged at 30 cents on a volume of 49,800, also reported the discovery of a new quartz vein west of the project’s current workings.

St. Genevieve Resources plans to assign a 40% interest in the Granada gold property near Rouyn- Noranda, Que., to an associated company, ASE-listed Gold Vessel Resources. St. Genevieve, which dropped 17 cents to $1.80 on 70,300 shar es, will retain a 10% non- participating interest in the project.

Acquiring a partner’s interests in two placer gold projects was Menora Resources, which was 15 cents bid, 17 cents ask for the week. TSE- listed Black Cliff Mines agreed to sell its interests in the Squaw Creek property in northwestern British Columbia and in the O’Donnel River property in the Atlin area of the same province in return for shares of Menora.

Exploration work is planned by Dufresnoy for three properties in northwestern Quebec. One of the properties, Union Mining/New Bidlamaque, just east of Val d’Or, Que., will undergo 3,000 metres of drilling. Trading 39,500 shares, Dufresnoy lost 2 cents to 23 cents .

Fourth-quarter results were a disappointment for Brunswick Mining & Smelting, which managed net earnings of $29.7 million in 1989. The New Brunswick zinc- lead miner, part of the Noranda group, dropped 25 cents to $10.38 on a slim volume of 100 shares.

Exploration Normetal has signed a contract with Noranda for the milling and smelting of zinc- silver ore, from a Normetal project near La Sarre, Que., at Noranda’s Matagami Lakes facilities. Trading 39,300 shares, Normetal gained 6 cents to 70 cents , while Noranda slipped 50 cents to $22.25 on 122,500 shares.