Toronto Stock Exchange Another madcap week with gold stealing the

The golds stole the show for yet another wild and woolly week on Bay Street. An amazing 445.55 pts was netted by the gold and silver index this week to close at an all time high of 7,888.71. With gains like this it’s small wonder some market watchers are predicting this index to crash through the 10,000 pt barrier by year end. The price of the yellow metal was strong this week with a close on the Montreal spot market of $413(US) bid $414(US) ask.

The widely followed composite 300 raced to a new high of 3,842.14 early this week but stumbled a bit today for an overall gain of 47.65 pts to close at 3,828.54 this week. The metals and minerals index showed some muscle this week with a 70.17 pt gain to 2,674.49, its highest level since September 1983.

Breakwater Resources has presented Montreal-based Novamin Inc. with a takeover proposal. According to the terms, one Breakwater share will be issued in respect of each two Novamin common shares tendered under the takeover bid. Outstanding warrants of Novamin would be convertible into Breakwater common shares on the same basis provided the exercise price thereof is paid by the warrant holder.

Breakwater holds a 49% interest in the Cannon mine located in the Wenatchee area of Washington. It ended the week up a quarter to $9.

Novamin recently targetted $8 million on its Ontario/Quebec properties including the Cadieux zinc property near Renfrew Ont.,its Rundle gold property, near Foleyet, Ont. and its Tonawanda property in Quebec. Novamin won $1 to end the week at $4.25.

Joutel Resources was a peppy trader this week with a 13 cents gain to 38 cents . It has completed a private placement with an Australian gold producer called Balmoral Resources N.L. Last year this Australian produced 12,000 oz of the yellow metal and has plans to increase that to 84,00 by 1989. Joutel will issue 400,000 shares to Balmoral at a price to be determined by today’s closing price.

A fantastic drill hole has been pulled by D’Or Val Mines at its Beacon property near Val d’Or, Que. The company intersected 42.3 ft of 0.92 oz gold which includes a 17.5 ft section of 2.17 oz gold. These results are expected to add to the property’s reserves and grade which now stand at 312,424 tons of 0.225 oz gold per ton. The company, which is expecting to pour its first bar of gold at the Beacon next month, won 90 cents on the week to close at $4.90.

Noranda finished the week off 13 cents to $30.63. Last week, we mentioned that news had reached our ears of a very rich drill hole intersected by Noranda Exploration on property in the Mings Bite area of Newfoundland. John Harvey, president of Noranda Exploration tells us they have no spectacular holes to report. However, they have new gold showings on the property which are now being evaluated. Drilling will probably start this summer.

Cuvier Mines, which has land in the Mings Bite area, gained 9 cents to 52 cents this week.

Rumours have reached our ears that a 36-ft intersection of 0.3 oz gold per ton was pulled 275 ft below surface at the Vedron project in the Timmins area. Vedron was busy and better with an 86 cents jump to $2.44.

No word yet from the Ontario Court of Appeal on the ownership of the Page-Williams mine. International Corona closed at $41.25, up $1.26, while Lac Minerals was up a $1 to $39.75.

Teck Corp. which stands to gain 50% of the Page-Williams should the decision be in Corona’s favor, saw its B shares gain 75 cents to an even $36.

Dome Mines advanced 75 cents to $16.25. It has sold 7 million shares at $12 per share to a group of underwriters. Some $44 million of the net proceeds of nearly $80 million will go to pay outstanding debt.

Viceroy Resources enjoyed an extremely good week with a $5.25 gain to $19.13. Recent drilling at its Castle Mountain property in California has outlined the Lesley Ann deposit over a width of 600 ft.

This week’s most active trader is Ego Resources with over 1.7 million shares changing hands for a gain of 46 cents to close at $1.10. The company says it is unaware of any reason for this activity other than it is currently contemplating work on its Goudreau area gold bet.