Montreal Exchange Paymaster work planned

While the general market portfolio index enjoyed a gain of almost 21 points for the week ended Jan. 22, the mining and minerals index slipped by more than 5 points. Daily trading volumes were erratic, ranging between 2.9 million and 7.6 million shares. Having dewatered the old Paymaster gold mine property at Timmins, Ont., Placer Dome and American Reserve Mining are planning to start up crosscut, drilling and drifting programs there in late February. Trading more than a half-million shares, Placer dropped $1.25 to $16.75. American Reserve gained one penny to 39 cents on a volume of 7,500.

Golden Rule Resources and affiliated company Northern Abitibi Mining have reached an out-of- court settlement with Inco, Cambior and Societe d’Exploration Miniere Vior regarding an option dispute over property in Douay Twp. in the Casa Berardi area of Quebec. Golden Rule and Northern Abitibi own claims adjacent to property that has been undergoing exploration by Inco (the operator) and its partners.

Since the dispute arose, Cambior has split and sold (to its partners) its interest in the Douay gold play, leaving Inco with a 53% interest and Vior with 47%. Trading 145,000 shares, Inco moved up $1.63 to $29.88. Vior, trading 112,500 shares, lost 2 cents to 60 cents. Cambior dipped 50 cents to $10.63 with 35,000 shares changing hands.

Aur Resources announced a $40.9-million loss for its 1990 fiscal year, the result of a writedown of capitalized exploration and development costs incurred in prior years. Aur, which gained 5 cents to $3.15 on 11,700 shares and is a growing gold producer, has a 55% interest in the potentially huge Louvicourt massive sulphide deposit northeast of Val d’Or, Que. The remaining 45% interest in Louvicourt is owned by Societe Miniere Louvem, which dropped 14 cents to $3.65 on 12,600 shares.

St. Genevieve Explorations reported the resumption of drilling on the southern section of the Wrightbar Mines property in Bourlamaque Twp., Que. To earn a 50% interest in the project, St. Genevieve must spend $1.5 million by Oct. 26, 1991. Trading 31,600 shares, St. Genevieve lost 11 cents to 70 cents. Wrightbar closed unchanged at 12 cents on 7,000 shares.