Montreal Exchange (September 02, 1991)

Precious metal prices remain in a slump, a condition reflected in the mining and minerals index, which closed down by almost 14 points for the week ended Aug. 27. The general market portfolio index had a better showing, gaining 5.4 points. Daily trading volumes were unexciting, ranging between 2.2 million shares and 4.5 million shares.

In Quebec’s Louvicourt Twp., Aur Resources and TSE-listed Beaufield Resources plan to drill (two holes initially) the latter’s Mainstreet copper-gold-silver property. Aur, which has an option to earn a 60% interest in the project, owns property to the west and south. Trading 19,100 shares, Aur closed unchanged at $3.50.

Aurtec reported that the feasibility study of its Bakoudou gold property in Gabon, Africa, continues, with samples being assayed on site and in Canada (the samples are flown overseas). An open pit operation is envisaged by Aurtec, which slipped five cents to 69 cents on a volume of 67,000. An option agreement which would have allowed Agnico-Eagle Mines to earn a 100% interest in the Vezza properties in northwestern Quebec has not been finalized, North American Rare Metals and TSE-listed Dundee-Palliser Resources announced. Agnico retains the right, however, to earn a 51% interest in the properties by spending $7.4 million on exploration work by Dec. 1, 1994. Agnico, trading 13,900 shares, slipped 38 cents to $5, while North American closed unchanged at six cents on 10,700 shares. Newly listed on the ME is large uranium producer Cameco, which went public this summer with a share offering (representing a 18.7% interest in the company). The Saskatchewan-based company gained 75 cents on the week to $14.88 on 59,600 shares.