Montreal Exchange (August 14, 1989)

Mining issues again fueled investment activity, with the mining and minerals index on the week jumping more than 154 pts during fairly heavy trading. Volume reached 11.9 million shares by the close of one session. The market portfolio index gained more than 13 pts on the week.

The main players in the Louvicourt Twp. copper-zinc discovery continue to attract attention. Aur Resources, trading 117,300 shares, slipped 25 cents to $ 10.25, while its partner, Societe Miniere Louvem, moved up 38 cents to $7.50 on a volume of 700,300. Louvem’s controlling shareholder, St. Genevieve Resources, traded 460,300 shares, closing unchanged at $2.80. Further drill hole results are expected within the next few weeks.

Among the week’s leaders was Exploration Rogi, which climbed 3 cents to 34 cents with about 1.35 million shares changing hands. Rogi recently reached agreement with Aur to earn up to a 45% interest in the latter’s Lourmet copper-zinc- silver-gold property in Louvicourt Twp. near Val d’Or, Que. An exploration program is already planned.

Aurizon Mines has granted an option to VSE-listed Ezekiel Explorations, another Hughes-Lang company, to earn a 49% interest in claims adjacent to the Aur-Louvem discovery. The agreement covers part of the Beacon property; Ezekiel will explore for polymetallic mineralization.

Nickel producer Falconbridge Ltd. traded 400,400 shares on the week in the wake of the announced takeover proposal by Amax Inc. of New York. The Amax bid, at $36.125 per share, is reported to have caught Falconbridge’s major shareholder, Noranda Inc., by surprise. Falconbridge closed up $6.38 to $36.50 on the week. Trading 582,500 shares, Noranda gained 63 cents to $25.88.

Raising $2.4 million in a private placement were Exploration Normetal, Societe d’Exploration La Sarre and Nor-Sarre Partnership. The three, partners in the zinc-silver Normetal property near La Sarre, Que., plan to use the funds on underground work at the project. Normetal slipped 1 cents to 75 cents on 70,800 shares, while La Sarre closed unchanged at 20 cents on 48,300 shares.

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