Montreal Exchange Market turns upward

Investors in a buying mood helped propel the ME this holiday- shortened week to higher levels, with the market portfolio jumping almost 50 pts and the mining and minerals index climbing more than 34 pts. Daily trading volumes were light — in the 5-million range — in a period when investor confidence seems to be stronger. .T Major producer Cambior Inc. reports it has purchased a 50% interest in the undeveloped Gold Cliff gold property in California for $500,000(US). The company traded 79,900 shares during the week, rising $1.13 to $13.63. Cambior, which earlier this year sold its 34% stake in the White mine near Red Lake, Ont., has downgraded slightly its total production forecast for this year to 185,000 oz.

Preparing to extract a 16,000-ton bulk sample at the Elder gold project near Rouyn-Noranda, Que., are Aunore Resources, which moved up 1 to 48 on a volume of 2,000, and TSE-listed Nova Beaucage Mines. The companies are hoping to be in a position early in 1989 to make a production decision.

Near Virginiatown in northern Ontario, Armistice Resources continues to be excited over drilling results, this time from a second deep hole, with one section from the hole cutting 0.427 oz gold per ton over 34.8 ft. Armistice, which dropped 1 to 59 with 41,000 shares changing hands, is exploring for the down-faulted extension of the neighboring Kerr Addison orebody.

Orleans Resources announced the signing of a $188,000 financing deal with NIM Resources — 1988 and Co. Ltd. Partnership, which will permit the company to continue its drilling program at the Tangier property in Nova Scotia and allow it to prepare a drilling plan for a second Nova Scotian project. Trading 45,500 shares, Orleans closed unchanged at 74 .

Shaft sinking at Yorbeau Resources’ Astoria property near Rouyn-Noranda continues, although the sinking was slowed by poor ground conditions at one point, placing the project 2-3 months behind schedule. Belmoral Mines is earning a half-interest in the property by funding the shaft sinking. Yorbeau traded 3,700 shares and moved down 3 to 30 , while Belmoral gained 13 to $1.80 on 72,600 shares.