Montreal Exchange Seniors show way

While the junior mining companies have tended of late to be among the active issues on the Montreal Exchange, two of the “senior” mining firms shared the limelight this week. Lac Minerals, which dropped $3.75 to $15.25 on more than 900,000 shares, lost its appeal of the court decision which awarded the Page Williams gold mine in the Hemlo area of northern Ontario to International Corona Resources (Lac says it will seek leave to appeal the latest decision from the Supreme Court of Canada), while Placer Dome, North America’s largest gold producer, slipped $1.50 to $25 on a volume of 740,700.

It has been an up-and-down week of moderate trading on the me, with the market portfolio bouncing between small gains and losses, and one large gain recorded by mining and minerals issues all but evaporating in a sell-off the next day.

Encouraged by its initial exploration program on the Courville property in northwestern Quebec is Ligneris Mineral Exploration, which traded 492,200 shares and moved up 2 cents to 70 cents . Some anomalous gold values have been revealed by scraping operations, the company reports.

Acquiring an option to earn a 60% interest in the Belleterre gold property in northwestern Quebec from J.A.G. Mines was Halex Resources, which gained 10 cents to 68 cents with 171,100 shares changing hands. Terms of the agreement call for Halex to spend not less than $3 million on exploration and development work by March, 1990, and pay J.A.G. $1,175,000. Shares of J.A.G. were up 3 cents to 53 cents on a volume of 88,000.

Joint owners of the Francoeur gold property in the Rouyn- Noranda area of Quebec, Rouyn Mining Resources and Lac Minerals, say they have decided to sink a three-compartment, 2,500-ft shaft at the property, at a cost of $8 million, to aid in exploration and development. (An existing shaft on the property has been dewatered and rehabilitated.) Rouyn closed down 50 cents to $6.88 on 14,200 shares.

Reporting encouraging drilling results from the Beauchastel property near Rouyn-Noranda was Augmitto Explorations, which slipped 13 cents to $2 with 27,300 shares changing hands. An exploration shaft for an initial depth of 1,350 ft is planned for the property.

Making a takeover offer for Louvem Inc. was Belmoral Mines, which is seeking control of about 58% of the former in a deal worth $20 million. Belmoral, which dropped 62 cents to $5.25 on a volume of 84,300, is proposing creation of a new company comprising its Quebec assets and the outstanding Louvem shares. Louvem, which gained 1 cents to $2.96 on 247,800 shares, is already entertaining an offer by St. Genevieve Resources to purchase about 3.7 million shares at a total cost of $10 million.