Montreal Exchange (December 02, 1991)

Healthy trading volumes for the week ended Nov. 26 did not translate into an overall market gain. The general market portfolio index dropped a hefty 27.5 points and the mining and minerals index was off by almost seven points. Daily volumes ranged between 5.8 million and 9.2 million shares.

Audrey Resources, which achieved record production levels in terms of tonnage milled during the third quarter at its Mobrun project in northwestern Quebec, said it has begun discussions with Elders Finance regarding a 2-year moratorium on Audrey’s long-term debt. Trading 31,000 shares, Audrey closed unchanged at $1.13.

The first phase of a drilling program at the Nelligan gold property in Quebec’s northwest is under way, project partners Orient Resources and Consolidated Gold Hawk reported. To be tested is a recently discovered target. Orient gained 2 cents to 19 cents on a volume of 191,300. The proposed amalgamation of four companies associated with St. Genevieve Resources was announced recently. Monique Exploration, Duverny Exploration, St. Genvieve Explorations (1991) and Bay Resources and Services would merge to become SEG Exploration. Trading 45,100 shares, St. Genevieve slipped 2 cents to 40 cents. Monique was off 6 cents to 8 cents on 38,000 shares. Duverny was 3 cents bid, 5 cents ask on the week.

Confident of a resumption of exploration activity at its gold project at Virginiatown, Ont., is Armistice Resources, which was ahead 2 cents to 10 cents with 380,100 shares changing hands.

At Timmins, Ont., American Reserve Mining said a reserve figure of more than a half-million tons grading 0.33 oz. gold per ton (cut) has been calculated between the 6,000-ft. and 6,600-ft. levels of the old Paymaster mine, following an exploration program. Placer Dome, up 63 cents to $14 on 886,500 shares, is the project operator. American slipped 3 cents to 20 cents on 23,500 shares.