Montreal Exchange Vassan leads way

Call it a downturn or a correction, trading on the Montreal Exchange this past week was generally less spectacular than in preceding weeks, although resource issues continued to be actively traded.

Topping the active resource stocks was Vassan Res. of Val d’Or, Que., which recently released some results of its latest drilling program on three properties. Shares of the company closed up 27 cents to 67 cents on a volume of 1,125,500.

Vassan President J. J. Garneau said results from the Vassan property drilling indicate an average grade of 0.35 oz gold per ton over 11 ft, while from the Hummingbird property in Malartic Twp. results indicate an average grade of 0.28 oz over 15 ft. Results from the Joutel Twp. property are not yet complete.

Radisson Mining Resources of Rouyn, Que., was among the active stocks, with 634,700 shares changing hands and closing at 65 cents , up 27 cents . A spokesman for the company attributed the activity to news that Radisson is in the process of making a deal on a gold property near Noranda. He said Radisson is pursuing an option for development.

St Genevieve Res. closed up 20 cents to $4.25 on 72,400 shares. St Genevieve has made an offer to acquire all of the 6,500,791 common shares of Bay Resources and Services, with one common share of St Genevieve to be issued for every two common shares of Bay tendered.

In another move, St Genevieve has reached agreement with Gold Spinners International (gsi), Inc., a related company, whereby St Genevieve will receive 34% of the net profits of Gold Spinners and Co., Ltd. Partnership, a partnership in which gsi, as general partner, is entitled to 85% of the net profits.

Recently announcing a $1.5-million agreement with the limited partnership firm of Maufort 1987, to finance their 1987 exploration operations, were Robex Res. and Veinor Res. Robex shares closed up 45 cents to 70 cents on a volume of 140,100, while Veinor closed up 10 cents to 65 cents with 3,000 shares changing hands. Parquet Res., which closed unchanged at 35 cents on 26, 000 shares, has announced preliminary results of its recently completed diamond drilling in 76 holes on its gold property in Courville Twp., near Val d’Or.

New securities listed during the week were Exploration Aster class “B”, Aster warrants, Exploration Norwood, Norwood warrants, and Golden Briar Mines warrants series “2”.