Toronto Stock Exchange Casa Berardi remains a bright spot on the

Investors have greeted budget day with a quiet “so what?” as the composite inched forward a scant 0.14 pt today to close the week at 3,560.03. This is in stark contrast to what was happening earlier this week when the composite was netting one big gain after another. Metals and minerals fared extremely well on the week gaining 155.12 pts to close at 2,494.92. Golds were battered following a price drop of the yellow metal of nearly $10 on commodity markets over the week. The gold and silver index lost 247.98 to close today at 6,206.90. The price of gold closed on the Montreal spot market today at $392(US)-bid and $393(US) ask.

But one bright spot on the gold scene remains the Casa Berardi area of northwestern Quebec. A major underground exploration program on the Golden Pond West zone has been announced by project operator Inco Ltd. and partner Golden Knight Resources. This $23.7 million program will run about two and a half years and involves a ramp down to the 300 metre level accompanied by drifting, underground drilling and bulk sampling.

This underground program is quite separate from what’s happening on the Golden Pond East zone, where the Northern Miner gathers a production decision is iminent. Total geological resources on the property amounts to nearly 10 million tons of 0.22 oz gold per ton. Of that amount, the East zone accounts for some 2.7 million tons grading 0.25 oz.

Inco jumped up by $2.16 on the week to $21.13, while Golden Knight eased up a quarter to $16.

Teck Corp. which has a 30% equity interest in the Knight, posted a 20% increase in profit for its first quarter. This report also contains for the first time Teck’s 50% share of the David Bell mine at Hemlo which produced 23,100 oz during the quarter, including 10,600 oz in December. Teck B shares lost 75 cents on the week to close at $27.25.

International Corona Resources, which holds the remaining 50% interest in the David Bell mine, ended the week $1.13 lower at $34.38.

Corona and court room opponent Lac Minerals are still playing the waiting game as there’s no decision yet on the ownership of the Page-Williams Hemlo mine. Lac closed at $35, down a quarter on the week.

Royex Gold Mining Corp., which has a 38% stake in Corona eased down 24 cents to $4.35. A recent shuffle in Royex directors sees Ned Goodman as chairman of the board replacing Peter Steen who has resigned from that spot. However, Mr Steen still remains as president and CEO.

There’s been another board shuffle over at Lacana Mining in which Royex has recently acquired a 36% interest. Mr Steen is one of four new directors along with Toronto lawyer Paul A. Carroll who was subsequently appointed chairman of the board. Dr William H. Grooss, founder of Lacana, continues as CEO. Lacana closes the week, down 76 cents , at $9.25.

Murray Pezim’s flagship company Galveston Resources lost $2.25 to close at $19.50. The company has entered into an agreement with NIM & Company Ltd. Partnership 1987 for placement of 100,000 common shares on a flow-through basis at a unit price of $40. Proceeds will go towards exploration and development work on Canadian mineral properties this year under the direction of recently formed Hemlo Gold Mines, a subsidiary of Noranda Inc. As recalled, Hemlo Gold President John Ivany sits on the Galveston board.

Hemlo Gold which holds the Golden Giant mine as its asset closes the week down 13 cents to $19.50. Noranda, on the other hand, fared well with a $2.26 gain to new-high at $27.38.

New Golden Sceptre Minerals and New Goliath Minerals celebrated their first week on the exchange quietly. Golden Sceptre moved up a penny to $1.23 while Goliath traded unchaged at $1.22.

Dome Mines closed at $13 this week, an improvement of nearly $3 since the beginning of the year. It seems that investors may have shaken their worry over the company’s affiliation with debt-ridden Dome Petroleum. Campbell Red Lake in which Dome has a 50.4% interest, traded down $1.50 to close at $29.50.

This week’s most active trader is Falconbridge Ltd. in which Dome and subsidiary McIntyre Mines have a 24% stake. On a roll this week, Falconbridge was up $1.13 to $19.75. The company recently netted $75 million(US) after selling its take in South African Western Platinum.