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Former gold area feels ine rush reiuciantly

VAL hie ‘Que. (CP) —
While gold prices are soa: ng
to rocard levels; Val d'Or
the gateway. city to Quebec's

ning country. — is

to downplay the role

of the valuabio metal in its
economy.

waithough more than
$00,000 ounces. of gold are

€a
Yal.d’Or Mayor barca
trault prefers to talk about
tole of the city ag a
smmunications and dis-
ibution centre 450
jlometres northweat of
jontreal.

Tetrault emphasized in a

* recent interview that: only

eight per cent of the salaries
in the city come from the
mining industry,

With. gold climbing: over
$500 (U.5.) an ounce for the
first time Wednesday on
New York markets, It would
be easy to imagine a return

of “gold fever” to the area
which accounts for Quebec's
entire production of the
metal.

The province’s 1978
production totalled 606,205
ounces which was sold for
$102.5 million, while the

same amount of gold now Is
worth more than $296 fi
million,

But despite reawakened —
interest in the area's gold
mines, Val d’Or is concerned
about establishing a
diversified economic base to
aa it less dependent on

‘ol

Clement Lavole, preaident

of the Quebec Prospectors

Association, said that in the
past ‘'the ‘only thing per-
niitting the town to live were
the mines.”
Six years ago, the he clty had
to borrow §2.4 million to

finance essential services, It
floated a debenture issue in

Swias franes, but ag the
value of the Canadian dollar

Gold at record $510

LONDON (AP)- Gold
soared to more than $51¢
U.S. an ounce in Europe
today amid concern over a
reported Soviet military
bulldup in Afghanistan, the
continuing U.S. Embassy
slege In Tehran and higher

‘oll prices.
The U.S. dollar was lower.

almost everywhere.

Gold was up as much ag
$36 from pre-hollday prices

in Europe, following . the -

metal's surge through the
$500 béreler in New York on
Wednesda

In Londen, gold opened at -

a record $507.60, moved to an
alltime high fixing of $508.75
and by noon was trading at
$511. This compared with
$495.50 at the close Moudey.

fell, the debt climbed to its
current level of $4.7 million.

Tetrault, who has been
mayor since 1976, is up for

re-election next year and is °

nol anxious to put an extra
burden on taxpayers,

The tax base in Val d'Or
has increased along with the
population, which has
doubled to 22,000 since 1084,
but, Tetrault said publie
demand for services
labor costs have also ss
creased, |

“We have to give more,"
he bald “Someone has to pay
oF Ww

The city’s business
community decided in 1974
that what Val d’Or needed
was an industrial park.

A 680-acre industrial park
was created {n the north end,
and already it has attracted
25 manufacturers, with a
total Investment of $56
million providing 1,800 jobs.
An additional §35 milllon in
investment is expected by
the summer,

For example, Forex Inc., a
privately-owned forest
products company with
asseta of $100 million, plans

to build a $24-million
structural-panel-board plant
in the industrial park,

DROPS HOCKEY STUDY

TORONTO (CP) — The
Globe and Mail says the
federal government has
decided ta scrap a $100,000
study of Canadian hockey.
The inquiry, launched by the
previous Liberal govern-.
ment in September, 1978, on’
the advice of a joint Senate»
Commons committee, has
been examining al) facets of
the sport in Canada.

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