Montreal Exchange Essor big trader

Moderate-to-slow trading characterized the week on the Montreal Exchange, where the market was generally up and the big gains were recorded early in the week. Resource issues tended to become listless. One company fighting the trend, and continuing its recent market activity, was Essor Exploration, which traded 756,600 shares and closed up 25 cents to $1.74. Essor, along with Kerr Addison Mines and Eldor Resources, is exploring the Aiguebelle gold property in northwestern Quebec.

Sullivan Mines and Cambior Inc. have announced approval by their boards of the principal terms and conditions of a proposed amalgamation between Sullivan and a wholly-owned Cambior subsidiary which will be incorporated for such purpose. Sullivan shares closed up 38 cents to $7.13 on a volume of 298,800, while Cambior moved down 25 cents to $28.75 with 61,500 shares changing hands. Ste. Genevieve Resources, meanwhile, says it’s standing firm on its takeover offer of Sullivan which would involve acquiring a minimum of five million common shares and a maximum of six million shares of Sullivan at $7.25 per share. Shares of Ste. Genevieve closed unchanged at $6.63 on a volume of 220,800 shares.

The underground exploration program at the Eastmain project in northern Quebec continues to provide encouraging news for joint- venture partners MSV Resources and Placer Development. The current exploration program is to run until October. MSV A closed up 20 cents to $4.80 on 196,600 shares, while Placer traded 297,300 shares and moved up 75 cents to $22.88.

Chesbar Resources reports that by the middle of July its ramp extension had advanced 470 ft at the Chester Twp. gold bet near Gogama, Ont. Chesbar, which closed down 29 cents to $3.30 with 13,500 shares changing hands, is earning a 60% interest in the property from Murgold Resources.

Continuing to consolidate its hold on properties surrounding the old Siscoe mine in northwestern Quebec where rehabilitation work is being conducted is Maufort Resources, which has reached agreement with a Vancouver firm, Moneywise, to acquire a 51% interest in property adjacent to the Siscoe extension property. Maufort closed down 6 cents to $1.60 on a volume of 177,200 shares.

Forbex Mining Resources has signed a deal with Brex Exploration whereby the latter may acquire up to a 50% interest in Forbex’s Lake Fortune West property in the Rouyn-Noranda area of Quebec. Forbex moved up 1 cents to 74 cents on 27,300 shares.