Montreal Exchange Trading stays moderate

Except for one day early in the week, when trading soared to more than 18 million shares (approximately 10.8 million shares of a non- resources stock were involved in the day’s total), activity on the Montreal Exchange was moderate, with both the market portfolio and mining and minerals index up and down.

Ready to start a drilling exploration program on the Arrowhead gold property in Joannes and Bousquet Twps. in northwestern Quebec are Omega Exploration and Farboro Resources, who plan to spend $1.2 million this autumn and winter on the property. Omega, which closed down 2 cents to 38 cents on 26,400 shares, and Farboro, which slipped 4 cents to 39 cents on a volume of 583,800, are earning a 50% interest in the property over a 2-year period. Retaining a 50% interest in the 1,000-acre property is Quebec Cobalt and Exploration, which dropped 1 cents to 45 cents on 16,000 shares.

Announcing the issue of 830 units worth $26,000 each was Ojibway Resources, which moved down 1 cents to 55 cents with 112,300 shares changing hands. The company says exploration work has started on four properties and a drilling campaign is to get under way shortly on a fifth property.

The announcement that Cambior Inc. and Sullivan Mines are planning a merger (shareholder approval pending) appears to have had little effect on share prices of the two companies, with Cambior off 38 cents on the week to $26.88 on a volume of 221,600 and Sullivan closing unchanged at $7.25 on 14,000 shares. Cambior is offering $7.50 for each Sullivan share. Earlier this year Sullivan was unsuccessfully courted by the junior mining firm St. Genevieve Resources, which slipped 25 cents to $9 on 457,100 shares.

Eider Resources, which among other projects this year undertook a bulk sampling program at the Lac Rose gold property in Quevillon Twp. in northwestern Quebec, traded well this week, with close to 1.2 million shares changing hands and the stock gaining 2 cents to 82 cents .

Encouraged by results from exploration work on the Monique and Simon- West gold projects is Monicor Exploration, which jumped 50 cents to $2 with 28,900 shares changing hands. And Louvem Inc., which gained 29 cents to $2.79 on a volume of 373,100, reports it is planning to deepen the Chimo mine shaft to the 20th level. The company says during the last few months it has intensified its in-depth exploration of the main Chimo zone.