Montreal Exchange: Prices in decline (April 30, 1990)

The decline continued on the ME, with the market portfolio down more than 61 points and the mining and minerals index off by more than 92 points for the week ended April 24. Daily trading volumes were steady, ranging between five million and 6.6 million shares. Results of a second drilling program at the Douay gold project in Quebec’s Casa Berardi area, announced by operator Inco, received a subdued reaction. Project partner Societe d’Exploration Miniere Vior, which had been extremely active since the discovery hole announcement in February, traded 317,400 shares on the week and fell 31 cents to $1.03. Inco was also down, by $1, to $28.13 on a volume of 461,500. The project’s third partner, Cambior, slipped 63 cents to $14.25 on 60,500 shares.

Gold-producer Cambior, based in Val d’Or, Que., is negotiating a deal with Dominion Mining of Australia to earn an interest in gold property in Indonesia. The project will mark Cambior’s first involvement in a major exploration play outside of North America.

St. Genevieve Resources, Stratmin, Vauquelin Mines and a Stratmin subsidiary have made a financing commitment to Golden Hope Mines to fund exploration work on Golden Hope properties in Quebec’s Eastern Twps. Trading 75,700 shares, St. Genevieve dropped 22 cents to $1.04; Stratmin was down 4 cents to $1.65 on 41,700 shares; and Vauquelin slipped 9 cents to 30 cents with 4,900 shares changing hands.

Formally entering into a property option agreement with GSR Acquisition was Armistice Resources; GSR may earn up to a 50% interest in Armistice’s gold project at Virginiatown, Ont., by spending $5.5 million over a 3-year period. Armistice dropped 1 cents to 25 cents on a volume of 141,000 shares.

Aurizon Mines recorded a net loss for 1989 of $6.5 million but the Hughes-Lang company also reported gold production for the year of about 29,500 oz. Aurizon, which fell 2 cents to 19 cents on 18,700 shares, was formed in 1988 through the amalgamation of Perron Gold Mines and D’Or Val Mines. Its one producing property is the Sleeping Giant mine north of Amos.