All in all, it was a productive week on the ME, with the market portfolio climbing almost 28 pts and the mining and minerals index jumping more than 52 pts. Daily volumes were light-to-moderate, ranging between 4.9 million and 6.5 million shares.
Making a deal with TSE-listed Pamorex Minerals, subject to regulatory approval, to obtain Pamorex’s 50% interest in the Granada gold property south of Rouyn-Noranda, Que., was St. Genevieve Resources. Trading 39,200 shares, St. Genevieve slipped 7 cents to 82 cents . Owner of the other 50% of the property is Kewagama Gold Mines (Quebec), which dropped 4 cents to 90 cents with 4,000 shares changing hands.
Val D’or Resources continues to trade heavily. Val D’or, exploring the Vendome zinc-gold prospect near Val d’Or, Que., with Abcourt Mines, lost 4 cents to 25 cents on a volume of 283,200. Abcourt was quieter, trading 27,200 shares and dropping 4 cents to 31 cents .
The amalgamation of three J.H. Kentish companies — Abitibi Resources, Mid-Canada Gold and Copper Mines and Pioneer Resources — has been approved by shareholders. The new company will be known as Consolidated Abitibi Resources. Through transactions arranged earlier this year, Aur Resources will become a minority shareholder in the new company. Trading 12,800 shares, Aur gained 20 cents to $3. Abitibi closed unchanged at 3 cents on 46,100 shares, Mid-Canada closed unchanged at 5 cents on 2,400 shares and Pioneer closed unchanged at 4 cents on 1,000 shares.
Ready to begin processing the tailings of the Montauban gold- silver mine tailings near Quebec City is Aurtec Mining, which moved up 5 cents to 90 cents on a volume of 21,000. The company plans this year to treat about one-third of the estimated 300,000 tons of tailings available.
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