Toronto Stock Exchange Is the bull taking a breather before its

The bull was a bit grumpy this week as prices slipped following two straight weeks of gains into uncharted territories. Analysts are predicting a correction of about 10% is in the works, but they add this would only be a slight pause before the bull market continues its charge.

The composite 300 closed today at 3,246.40 after a drop of 20.85 pts over the week. The gold and silver index plunged 92.92 over the week, including a 32.36 drop today. The price of gold which hit $421.75(US) an oz earlier this week was undercut by a stronger US dollar and dropped to $407(US). It was a bit stronger today with a close on the Montreal spot market of $408.30(US) bid $409.30(US) ask.

The week’s most active gold is Getty Resources with a gain of 50 cents to new-high at $7 and close at $5.75. The company is a partner with Noranda Exploration on the 24,500-acre Tundra gold property northeast of Yellowknife, N.W.T., where deep drilling has intersected wide sections of good mineralization.

Noranda eased down 38 cents over the week to close at $22.63. The company along with Golden Sceptre and Goliath Gold are spinning off the Golden Giant Hemlo mine into Hemlo Gold Mines. Noranda is planning a proposed secondary issue to the public of some of its holdings in the new company for the first week of February.

Golden Sceptre was down 50 cents to $19.88, while Goliath was off 13 cents to $22.

Lac Minerals has been busy and better with a gain of $2.13 to hit $34.25 and close at $33. The ownership of the Page-Williams mine will apparently be resolved on a Friday, according to Teck Corp president Norman Keevil Jr. But he adds he has no idea on which Friday the decision will be handed down. The originial trial ruling which transferred the mine to International Corona was announced on a Friday after the markets closed last March.

If the Williams mine is retained by Corona and the Lac appeal is dismissed, the mine will be operated by Teck-Corona on a 50/50 basis. Teck B shares were off 88 cents on the week to $25.50, while International Corona dropped 63 cents to $32.63.

Campbell Red Lake with an approximate 14% interest in Lac won 88 cents on the week to close at $30.13. Part of the Dome group of companies, Campbell Red Lake, Sigma Mines and Dome Mines will now be reporting proven and probable reserves at their projects. Previously only proven reserves and those that could be mined without further development costs were reported.

Dome was off 50 cents to $11.88, while Sigma was up 75 cents to $15 this week.

The 2,670 ft underground exploration ramp has been driven 100 ft at Nuinsco Resources’ Cameron Lake gold project near Kenora, Ont by Echo Bay Mines which is funding the $3.6 million project. Over the week, Nuinsco gained 28 cents to new high at $1.40 and close at $2.10. Echo Bay was up 13 cents to $35.13.

Aur Resources was hopping all week. A gain of 75 cents was won for a new high of $5.13 and a close of $4.90. President James Gill says the shares have been pushed up not only by the recent bouyant gold price but also because many investment firms are now including the company on their recommended list of buys. A very active junior exploration company, Aur has underground exploration work in progress on three gold deposits: the Orenada, the Norlartic and First Canadian, all in the Val D’Or mining camp.

Another busy junior exploration company is HSK Minerals. It won a dime over the week to new high at 80 cents and close at 70 cents . President Hugh Harbinson reports that shaft dewatering and underground sampling will start soon on its 59-claim Olive Gold project in Mine Centre, Ont.

With the metals and minerals index off 65.85 pts over the week to 2,143.02, Falconbridge Ltd and Inco Ltd did not fare extremely well. Falconbridge dropped $1.26 to close at $17.13, while Inco was down 75 cents to $17.13.