With the price of gold on the rise, surging resource issues pushed the Montreal Exchange’s market portfolio and mining and minerals indices to record levels this past week in moderate trading. The market portfolio, which hit a high of 2,048.18 pts, the mining and minerals index and the gold price all fell back towards the end of the trading week.
Placer Development, which closed up $3 to $25.88 on a volume of 716,100, has been in the news of late for a couple of reasons, one of which has to do with its proposed amalgamation with Dome Mines and Campbell Red Lake Mines, and the other relating to its underground exploration program at the Eastmain project in Quebec’s James Bay region. Placer’s joint- venture partner there is msv Resources, whose “A” stock closed up 20 cents to $5 on 179,500 shares. Dome Mines moved up $2.75 to $22.25 with 285,100 shares changing hands.
More drill results have been reported by Maufort Resources from a gold-bearing structure at the Siscoe extension gold property in northwestern Quebec. Maufort closed up 7 cents to $1.67 on a volume of 111,400.
Reporting impressive drill results from the Goldstack gold property in Dubuisson Twp. near Val d’Or, Que., was recently-listed Aumine Exploration, which moved up 65 cents to $5. Aumine’s partners in the project are Sullivan Mi nes, which was unchanged at $7.13 on 19,700 shares, and Vancouver- listed Goldstack Resources.
Abcourt Mines, which traded 206,700 shares and gained 26 cents to $1.91, has signed a joint-venture agreement with Gestion Consulta of Val d’Or for exploration funds to be spent on two groups of claims in northwestern Quebec. Gestion Consulta is to raise $7 million in two stages during the next two years for the exploration work.
Closing up 30 cents to $1.40 on a volume of 38,000 shares was Beaucoup Resources, which reports it has agreed in principle to acquire a Quebec hog abattoir for $2.8 million. Beaucoup is involved in gold exploration and oil and gas operations.
Recently listed on the me were the units of Asamera Minerals.
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