Toronto Stock Market Golds cool their heels as investors take

The sizzling market in gold shares cooled its heels this week as investors, not surprisingly, devoted themselves to profit-taking. The gold and silver index dropped 80.57 pts over the week to close at 9,051.24. But gold, by no stretch of the imagination, has lost any of its luster judging by the action on commodity markets. The price of bullion touched $459(US) an oz in London earlier this week and closed today on the Montreal spot market at $449(US) bid $450(US)-ask.

Metals and minerals suffered this week with 60.65 pts lost just today, wiping out the 55.42 pts gained on the week. The composite 300 came out 16.86 pts ahead this week to 3,788.49.

The production go-ahead has been given to Golden Pond East in the Casa Berardi camp of Quebec held in joint venture by partners Inco Ltd. and Golden Knight Resources. Construction of the mill is expected to start this June with production at 60,000 oz per year starting in August 1988. Output is slatted to increase to 85,000 oz in 1991 as other ore zones, namely the West and the Main, are developed.

Total reserves for the entire property amount to 10 million tons at 0.22 oz gold per ton. The East zone accounts for 2.7 million of 0.23 oz per ton of this amount.

Inco closes the week at $21.88, down 75 cents . The Knight drops $1.88 to $17.13. And for Teck Corp. which holds a 30% interest in Golden Knight saw its B shares lose $4.51 to $35.13. Nearly three million shares of Dome Mines changed hands this week with a loss of $1.62. No word yet on whether someone will be making a pitch to Dome Petroleum for its control block of 20.8 million shares of Dome Mines. Noranda and Placer are apparently both interested. 1300

Debt-plagued Dome Pete itself tops this week’s most active oil list. with a 26 cents loss to $1.53. It has signed a deal to sell its assets to Amoco Canada Petroleum for $5.1 billion. And to prove that it really is a small world in the resource camp, Amoco Canada Petroleum is 50% partner with Campbell Red Lake Mines, a member of the Dome Mines group of companies, on the Detour Lake gold project, northeast of Timmins. Ont.

Campbell closes the week at $39.38 after a drop of $4.50.

Royex Gold Mining Corp.’s offer of cash, stock and warrants for four million shares of International Corona Resources and stocks and warrants for all Corona warrants outstanding is set to expire at the close of business today. Details of how the purchase went will soon be made known. Some market watchers think it likely the shares would be bought in blocks from major institutions.

Royex closes the week at $6.50 after a $1.13 drop, while Corona ends at $47.25, dropping $5.75.

Corona is still awaiting word from the court of appeal on the ownership of Page-Williams mine. Courtroom opponent Lac Minerals loses $1.25 to close at $43.75.

Highland-Crow moves up $1.13 to $13.38. Rumour has it that a monster hole has been pulled at its Pickle Crow property.

Opawica Explorations is making market waves with a big 40 cents gain to new-high at $1.30. Its controversy with Corporation Falconbridge Copper over the long delay in payment of royalties under Opawica’s retained 7.5% net profit interest in the Lac Shortt gold mine are said to be coming to a head. Falco Copper moves up 63 cents to $25.25.

Denison Mines has offered 15% of its 45% interest in Canadian Bogosu Resources, a private Ghanaian company, to affiliate Exall Resources. Canadian Bogosu has a 90% interest in the Bogosu gold concession in Ghana, West Africa. Sikaman Gold Resources holds 45% of the private company. Exploration, testing and evaluation is under way now on the property. Denison A shares lose 50 cents to $7; Exall finishes at $1.26 with an 2 cents gain; Sikaman new-highs at $5.13 after a 72 cents gain.

HSK Minerals new-highs at $1.15, a 13 cents gain, while Joutel trades up a penny to 45 cents . The two companies are purchasing a total of four million shares of Queenston Gold Mines, a player in the Kirkland Lake camp. Queenston new-highed at $2.90 this week after a 49 cents gain and closes at $2.75.