STOCK MARKETS — Resource stocks boost TSE indexes at

The resource stocks took one last kick at the can before the new year dawned. They boosted the Toronto Stock Exchange 300 Composite Index to a big gain on the last day of our report week. The TSE 300 jumped nearly 43 points Dec. 28 to push it to 4,288.85, just a bit shy of the record 4,302.78 points set in November.

The Metals and Minerals Index rose to 3,505.54 from its pre-Christmas level of 3,421.08. The Gold and Silver Index gained about 120 points to close at 10,676.34. Among the senior base metals, Cominco was up a dollar to close our report week at $19.75, Inco rose $1.50 to $35.88 and Noranda gained 38 to close at $25.25. Sherritt Gordon was an active trader, but the stock closed at the level it opened the week $10.75.

Rio Algom, however, fell slightly to close at $22.13. The senior delivered bad news to Key Anacon; it is dropping its option on Key Anacons ground in New Brunswick. Key Anacon fell 33 to end the week at 60. At the height of the speculation over its play, the shares climbed to nearly $2.40. Among the senior golds, Franco Nevada took it squarely on the chin, losing $2.25 to close at $88.75, down $6 from its $95 high. Sister royalty company Euro Nevada gained 38 to close at $46, while Agnico Eagle shed 25 to close at $17.26, American Barrick lost 25 to $38, Placer Dome lost 13 to $32.75 and Lac lost 13 to $11.50 (nothing new to report from the Macassa rockburst site).

The gold price was lethargic over the week, gaining a feeble US75 to close at US$385.65 per oz.

Metalores share price has been running up for the past few months. It closed our report week at $22.50, up $2.50 on a very thin 4,500 shares changing hands. Metalore and Ontex had been involved in a lawsuit over the Brookbank property near Beardmore, Ont. In the latest round of legal wrangling, Ontex had sought leave to appeal an Ontario appelate court decision that forced the two companies to comply with a 1981 agreement, under which Ontex retained a 40% joint-venture interest or, alternatively, a 30% net profits interest. Ontexs attempt to have the Supreme Court of Canda review the case was turned down. Now, both sides must comply with the terms of the 1981 agreement. Ontex lost a cent to close at 50.

Denison was dealt a nasty surprise just before Christmas when the Ontario government ordered it to post security in cash (a total of $100 million) by Dec. 24. The money is meant to cover reclamation costs for its Elliot Lake, Ont., property.

Share prices of Cathedral Gold have been rising lately. They closed the report week at $3.85, up 70. The price runup might be the result of Cathedrals successes in Guyana. On a property 20 miles from the Omai mine, trenching turned up good widths and some nice values (up to 0.15 oz. gold per ton).

Guyana seems to be a winner for juniors in attracting investor attention. Besides Cathedral, Altai Resources has been trading strongly, probably because of its work on the Tassawini gold project in Guyana. Altai operates this joint venture with Menorah. The formers stock rose 71 over the week to close at $2.80 while Menorah gained 19 to close at 74.

Wheaton River jumped $1.15 to hit $4.95. Apart from its Golden Bear mine and the exploration effort there, Wheaton sold its Ketza River property in the Yukon to YGC Resources. The transaction leaves it with 48% of YGC, which plans to process ore from its Grew Creek property at the Ketza River mill. YGC gained 8 closing at $1.25.

Chase was up another 50, closing at $4.90. In mid-December, the stock was trading at $3.75. Chase can acquire an interest in the TBoli gold project on the Philippine island of Mindanao.

Tintina Mines gained 20 to close at $1.25, very close to its 12-month high of $1.30.