Wednesday close, Sept 10
The Montreal Exchange may be keen to publicize the number of new junior issues that have gained listings in the past few years, but it looked like the staid old ME of old this week with the four most active issues each having market capitalization of at least $1 billion.
Most active was Inco, up a healthy $1.58 to $19 on 756,000 shares. The nickel giant is back into production after a planned shutdown for most of the summer. While nickel prices are still not great, prices for a couple of Inco byproducts — platinum and cobalt — are better than they have been for quite a while.
Also on the most-active list were Placer, up 62 cents to $30 on 499,900 shares, and Dome Mines, up 12 cents to $10.38 on 304,800 shares. Both of them were the beneficiaries of better gold prices, now over $400 an oz for more than a week.
Noranda, which happens to be Canada’s second largest gold producer next to the Dome group, was also up gaining 75 cents to close at $19.75 on 397,200 shares.
A high flying new gold issue, Cambior, took a tumble during the week. It came out at $10 per unit about a month ago and quickly climbed to $14.25 on the strength of gold’s performance. This week it corrected somewhat slipping $1.38 and closing at $12.75 on 264,700 shares.
Dumagami, which is going to spend another $32-million on its gold property in northwestern Quebec’s Cadillac area, gave up 50 cents on 105,600. The company has already spent $13 million on the property. The shaft will be doubled in depth to 3,200 ft and a 2,000-ton-per-day mill completed. Reserves at the property stand at 5.5 million tons grading 0.134 oz gold per ton.
Meston Lake gained 21 cents as it climbed to a year high of $1.95 on 73,800 shares. A joint venture deal with Campbell Resources on Meston’s Joe Mann gold property in northwestern Quebec could be in jeopardy. Meston says the joint venture requires shareholder approval and has delayed its annual meeting to Sept 30.
Maufort, which is raising $3 million for 1986 exploration work, gained 3 cents on 24,800 shares to close at 65 cents .
Vior continues to gain ground picking up 25 cents to close at $1.31 on 232,600 shares. It briefly touched $1.50, a year high, during the week.
Eider was up 4 cents to 73 cents on 98,600 shares. The company is raising $2 million for exploration. It plans to spend $1.1 million on its Rouyn- Beauchastel property and $600,000 on its Lac Madeleine property, both in Quebec.