Montreal Exchange Mining issues gain (October 10, 1988)

In a week in which nickel companies and the price of gold, which continues to ride under $400(US) per oz, shared the news spotlight, trading on the ME surged forward, with the market portfolio gaining almost 16 pts and the mining and minerals index jumping more than 55 pts. Daily volumes were light throughout, in the 3-4 million share range.

Inco Ltd. has decided to make its shareholders happy by issuing a special $10 per share dividend in addition to the regular quarterly dividends. It also announced a recapitalization plan aimed at giving shareholders more say in the event of a takeover. Inco traded 478,800 shares, climbing $3.50 to $37.25. Another major, Falconbridge Ltd., can only watch as its major shareholder, Noranda Inc., boosts its interest in the nickel-copper producer. Trading 71,300 shares, Falconbridge gained $1 to $21.50. Noranda also showed a gain, moving up 50 to $22 on 130,800 shares.

Announcing it has entered into an agreement with CMP 1988 III Resource Partnership and Co., Ltd. for a flow-through financing worth $435,000 was Kewagama Gold Mines (Quebec), which slipped 7 to $1.20 with 13,500 shares changing hands. The company has exploration plans for its Granada property.

Also announcing a financing agreement, worth $350,000, with NIM Resources — 1988 and Co. Ltd. Partnership, was Val d’Or Resources. Exploration work is planned for the Bardome property in the Val d’Or, Que., area. Trading 31,000 shares, Val d’Or dropped 4 to 45 .

Operations at the Sleeping Giant mine north of Amos, Que., continue to improve as the gold project moves from the development to the production phase, reports Aurizon Mine, which lost 2 to 42 on 5,800 shares. The Hughes-Lang project, which had its first gold pour in May, had turned out more than 8,200 oz gold by the end of August.