Montreal Exchange Northgate-Audrey deal

In a week of mixed trading highlighted by a flareup of fighting in the Persian Gulf involving Iran and the U.S. and a small rise in the gold price, the Montreal Exchange’s general market portfolio index closed lower on the week. The metals and minerals index, on the other hand, was up about 33 pts. Volume was light to moderate.

Cash-rich Northgate Exploration, which slipped 25 cents to $7.63 on a volume of 10,600, announced plans to spend $6.1 million, in three share purchases, to gain a 20% interest in Audrey Resources. Audrey, which traded 33,700 shares and moved down 4 cents to $3.05, operates the polymetallic Mobrun mine near Rouyn-Noranda, Que., where a new $17-million mill is on the drawing boards.

Announcing a drilling result of 32.6 ft of 2.04 oz gold per ton at the Eastmain project in northern Quebec near James Bay were Placer Dome and MSV Resources, whose A stock climbed 40 cents to $3.15 on 438,900 shares. Placer closed down 38 cents to $16.25 with 131,400 shares changing hands. Completion of a feasibility study on the property is expected about mid-May.

Aster Exploration, which traded 2,200 shares and closed unchanged at 22 cents , reported defining a band of high-quality dolomite at its Portage- du-Fort property in the Ottawa River area. The company is hoping to be able to market its high grade dolomite as a filler material, and magnesium metal.

Making a deal with Hathor Resources to acquire a 50% interest in the company’s Nova Scotia holdings was Orleans Resources, which closed unchanged at 42 cents on a volume of 64,000. Some of the east- coast properties are former gold-producers.

Announcing discovery of a copper-zinc-silver zone on an 18-claim property in Quebec’s Casa Berardi region was Golden Briar Mines, which traded 39,100 shares and was unchanged at 18 cents . The company may earn a 51% interest in the property by spending $1.5 million on exploration.

In announcing the appointment of Michel Champagne as chief geologist in its listings department, the ME reported 29% of the 754 companies listed on the exchange are involved in exploration, development or production of natural resources.

Newly listed on the ME are Augyva Mining Resources, Aurochs Mining Exploration, Deux-Montagnes Exploration and Louphior Exploration.