Montreal Exchang Two mine openings

The stock market news doesn’t seem to get any better as the summer nears an end. The Montreal Exchange experienced a downturn this past week with both the general market portfolio index and the mining and minerals index in decline, the latter dropping almost 89 pts. Daily trading volumes were fairly consistent, ranging from 4.5 million to 5.9 million shares.

Officially opening its Isle Dieu zinc-copper mine at Matagami, Que., was Noranda Inc., which traded 77,800 shares, slipping $1 to $21.88. The new mine will act as a replacement for the 25-year Mattagami Lake zinc mine which is being phased out of production this year.

Another new mine, the Golden Pond East gold project in Quebec’s Casa Berardi area, was also officially opened this past week by partners Inco Gold and Golden Knight Resources. Exploration continues on the property to boost reserves. Shares of Inco Gold parent Inco Ltd. dropped $3.25 to $32.75 on a volume of 690,900, while Golden Knight closed unchanged at $10.13 with 45,000 shares changing hands.

Aur Resources, about to produce at its First Canadian property in northwestern Quebec, has entered into an agreement for a 15,000-oz gold loan, worth about $8 million, with Chase Manhattan Bank of Canada. Aur traded 26,900 shares, moving down 24 cents to $4.25.

A bulk sample is planned by Radisson Mining Resources from the Duquesne property in the Rouyn- Noranda, Que., area. The company says drill results have been encouraging. Radisson gained 5 cents to 35 cents on 116,400 shares.

Announcing the closing of its Golden Rose gold mine in northwestern Ontario was Noramco Mining, which dropped 54 cents to $2 on a volume of 20,500. A re-opening is planned in 1989 should the company be successful in gaining access to higher grade ore lying beneath the fourth level.

Exploration of a gold-platinum prospect near Lake Winnipeg in Manitoba is under way, Dynamic Consolidated Resources, which traded 11,000 shares while climbing 5 cents to 25 cents , reports. Geophysical work is being performed prior to commencement of drilling, the company says.