Montreal Exchange (January 20, 1992)

A new drilling program for the Douay gold project in Quebec’s Casa Berardi region was announced by joint venture partners Inco Ltd. and Societe d’Exploration Miniere Vior. The $850,000 campaign will test the area between the Main and West zones. Trading 137,900 shares, Vior closed unchanged at 40 cents.

Investors were enthusiastic during the week ended Jan. 14; daily trading volumes ranged between 6.5 million and 9.8 million shares. Both the market portfolio and mining and minerals index experienced excellent gains, the former closing ahead by more than 60 points and the latter by more than 67 points.

Aur Resources reported coming up with its share of the financing for development of the Louvicourt Twp. massive sulphide deposit northeast of Val d’Or, Que. The Toronto-based company, whose shares gained 13 cents to $2.75 on a volume of 166,900, said Teck Corp. and Cominco Ltd. have agreed to be its backers, in return for a 25% interest in the project. Aur’s joint venture partner at Louvicourt is Societe Miniere Louvem, which traded 71,100 shares and climbed 25 cents to $3.13.

An option agreement permitting Cominco to earn a 66.67% interest in the Kutcho Creek copper project east of Dease Lake, B.C., has been negotiated by American Reserve Mining. Cominco may choose to spend $6.7 million on exploration and development, or produce a feasibility study by the end of 1997. American Reserve was ahead by 5 cents to 25 cents with 19,500 shares changing hands.

Production activities have ended at the Mobrun polymetallic mine near Rouyn-Noranda, Que., as planned. Audrey Resources, off 26 cents to 74 cents on 235,100 shares, has turned its attention to securing the financing to develop the property’s 1100 lens and reorganize the company’s long-term debt.