Montreal Exchange (September 30, 1991)

Daily trading volumes ranged between 3.8 million and 5.4 million shares and both the market portfolio and mining and minerals index took losses during the week ended Sept. 24. The market portfolio was off by 4.5 points and the mining index by 11.6 points.

Large gold producer Placer Dome has negotiated an option deal with ASE-listed Ontex Resources which will allow it to earn up to a 60% interest in the Brookbank gold project in northwestern Ontario. Trading 301,500 shares, Placer gained 50 cents to $12.75. Ontex was awarded the property in a court battle with Metalore Resources, which has appealed the ruling. Audrey Resources reported reaching an agreement with a lender, Elders Finance Inc., to extend a loan repayment by nine months. Audrey said it is in negotiations with financial institutions for the re-financing of its long-term debt.

Final assays have been received from a deep-drilling program at the Paymaster gold project at Timmins, Ont., and an updated ore reserve is being prepared, project partners Placer Dome and American Reserve Mining announced. The drilling has taken place at the 6,025-ft. level. American slipped by two cents to 32 cents with 13,000 shares changing hands.

The two partners in the Louvicourt massive sulphide exploration project near Val d’Or, Que., Aur Resources and Societe Miniere Louvem, said they are delaying shaft sinking pending completion of a feasibility study and arranging the required financing. Trading 39,100 shares, Aur closed unchanged at $3.13. Louvem was off by 25 cents to $3.25 on a volume of 22,800.