Toronto Stock Exchange Market prices take another wild spin upwards

The market chalked up yet another wild week with the composite 300 tacking on 107.81 pts to new- high at 3,354.3. Golds provided part of the impetus mid-week as the price of gold on commodity markets shot up to $415(US) per oz. The price of the yellow metal has since eased down with a close on the Montreal spot market of $409.50(US) bid $410.50(US)-ask. The gold and silver index closed today at 6,320.15, up 327.65 on the week. The metals and minerals index closed at 2,224.6 up 79.44 pts on the week.

Lac Minerals won a whopping $3.38 on the week to reach $38 and close at $36.75. That’s not too far off the $41.62 level the company was trading prior to Mr Justice Richard Holland’s original decision of last March transferring the Hemlo Page-Williams mine to International Corona. Corona was up $1.50 over the week to close at $34.50.

Lac’s recent success at its Bousquet mine in northwestern Quebec is no doubt helping boost up the share price. Here, Lac recently put an initial ore reserve figure of 7.8 million tons of 0.187 oz gold per ton on its new zone near the eastern boundary of the property. Lac’s neighbour to the east, Paul Penna’s Dumagami Mine, jumped $1.25 to $13.50. Lac and Dumagami are awaiting assays from a joint drill hole put down right on the boundary that separates the two properties.

Campbell Red Lake, which has a 4.5% interest in Lac, not a 14% stake as incorrectly reported in last week’s column, won 75 cents on the week to close at $31. Now that parent Dome Mines has decided to change its reserve reporting method, proven and probable reserves at Campbell’s gold mine near Red Lake, Ont. stand at 7.6 million tons averaging 0.608 oz gold per ton, up from the 2 million tons averaging 0.616 oz grade calculated by the former reserve approach.

Rumours are flying that Teck Corp. is taking over Golden Knight Resources on a share-for-share basis. Teck already owns 29% of the Knight, which is involved with Inco on the Golden Pond project in the Casa Berardi area. Teck saw its B shares climb $1.38 to new-high at $27.13, while the Knight traded unchanged at $14.50. Inco was off 13 cents to $17.63.

From the wild rumor department comes the tidbit that Murray Pezim’s Galveston Resources, with a couple of big underwritings under its belt and another to come, is loaded with cash and eyeing to take over International Corona Resources. Galveston zoomed up $5.75 over the week to close at $18.25. In early January Galveston was trading around the $5 level.

Roxmark Mines made market waves this week as it jumped 15 cents to close at 34 cents . The company has completed half of its 10,300 ft drill program o n its Geraldton area proeprty.

Drill results coming from Aur Resources’ First Canadian property near Val d’Or, Quebec have sent its share price up 88 cents over the week to new-h igh at $5.63. Underground drilling at the property has indicated grades could be much higher than origianlly estimated from surface drilling. The arithmetical average of the first 22 underground holes in the Kierens zone is 0.35 oz gold per ton versus surface drilling indicated grade of 0.21 oz.

Power Exploration new-highed at $1.55 after a leap of 51 cents this wee k. Preliminary assays from its 50/50 joint ventured Kasagiminnis Lake property in the Pickle Lake area of Ontario intersected three gold- bearing zones.

Preliminary drilling at Newfoundland’s Little River project by Westfield Minerals and partners The Coniagas Mines and Anglo Dominion confirm gold values along 2.5 miles of strike length in widely spaced holes. Westfield won 42 cents to close at $2.15 this week.

Newly-listed Sikaman Gold Resources closed the day at $1.70, up 20 cents since yesterday, its first day of trading. In joint venture with Denison Mines the company plans a $4 million program this on the Bogosu concession in Ghana. It’s Denison’s first gold exploration project in nearly seven years. Denison A shares were up 26 cents on the week to close at $8.13.

Noranda Inc. new highed at $24.50 after a gain of $2.13. Golden Sceptre jumped $2.63 to $22, while Goliath Gold won $2.50 to $24.13. The three companies are spinning off the Golden Giant Hemlo mine into a new company called Hemlo Gold Mines.