Montreal Exchange (October 28, 1991)

A feasibility study released by Aur Resources and Societe Miniere Louvem for the Louvicourt copper-zinc-gold deposit northeast of Val d’Or., Que., recommends that initial mining commence in late 1993, with commercial production rates being reached in late 1994. The capital cost to bring the project (owned 55% by Aur and 45% by Louvem) into production is estimated to be $326.4 million. Trading 35,600 shares, Aur gained 50 cents to $3.25. Louvem jumped by 63 cents to $3.25 on 64,800 shares.

For the week ended Oct. 22, the market portfolio slipped by more than 10 points while the mining and minerals index raced ahead by 33.7 points. Daily volumes were in the range of 4-6 million shares on four of the trading days. The report period got off to a roaring start when more than 16 million shares changed hands on the first day; large provincial pension fund Caisse de Depot et Placement du Quebec was rumored to have shuffled its vast portfolio that day.

Societe d’Exploration Miniere Vior and Inco reported negotiating an agreement which will see Vior boost its gold property portfolio and Inco increase its shareholding in Vior. Trading 55,600 shares, Vior closed unchanged at 31 cents. Inco was up by $1.13 to $36.88 on a volume of 343,700. At Rouyn-Noranda, Que., Richmont Mines announced its J.G.R. shaft at the Francoeur gold mine entered commercial production Oct. 1. Richmont, the operator and a 50/50 owner of the project with LAC Minerals, estimated last-quarter production of 26,000 tons yielding 5,200 oz. Trading 48,300 shares, Richmont moved ahead by three cents to 58 cents. LAC gained 88 cents to $10.13 on more than a half-million shares.

Orient Resources and ASE-listed Consolidated Gold Hawk, joint owners of property in Nelligan Twp. in northwestern Quebec, announced an option deal with Soquem, the Quebec Crown mining exploration company, whereby Soquem may earn up to a 50% interest in their 200 claims. Orient gained a penny to nine cents on 7,400 shares.