Montreal Exchange — Goldex takes off

With underground drilling just under way, Goldex Mines’ share price took off in anticipation of what that drilling will reveal on the company’s Val d’Or property.

Goldex gained $1.13 on the week to close at $5.13 after 264,200 shares changed hands. That’s a 28% gain.

The company recently completed a shaft to the 1,300-ft level and two development headings on the 1,100-ft and 1,250-ft levels where the drilling stations are being set up. Six holes have already been completed and although visible gold has been reported, no assay results are out yet. The company is well funded to continue with an extensive drilling program and, if the results are favorable and the property is taken to production, a mill owned by an associated company, Dumagami Mines, is just 35 miles down the road.

Being in the same fold as Agnico- Eagle, Goldex will probably be watched closely by some loyal American investors.

Aiguebelle gained 6 cents after a Quebec government tax ruling cleared the way for its amalgamation with a subsidiary of Cambior. Aiguebelle closed at $1.11 on light trading, and it could well be the last you’ll hear of this company.

Cambior itself was unchanged at $17.75 on 62,200 shares.

The biggest traders among mining issues on the Montreal Exchange this week were Noranda, up $2 to $27 on 346,300 shares, and Inco, up $2.62 to $21 on 279,000 shares.

Noranda was boosted by record earnings from one of its forestry subsidiaries, but Inco’s gain is hard to figure. It barely made a profit in 1986 and, in fact, lost money after it paid out preferred share dividends.

Muscocho is reported to be getting some high grade ore on its Magnacon venture in the Wawa area of northeastern Ontario. It moved up a nickel to close at $3.80 on 18,300 shares.

North American Rare Metals slipped 8 cents to close at 69 cents on 194,500 shares. It had been climbing steadily in the past few weeks, largely in anticipation of results from its property just east of the Casa Berardi area in northwestern Quebec. No results are out yet.

Vior picked up 14 cents to close at $2.09 after trading 115,000 shares while Syngold lost 12 cents to close at $1.95 on 159,900 shares. Yorbeau was unchanged at 64 cents although it was an active trader with 233,300 shares changing hands.