Montreal Exchange Downturn in market

Whether or not the extra warm weather of late is responsible, something has caused a downturn in the market. While daily trading volumes the past week have been fairly constant (in the 4.8 million-to-5.7 million share range), the market portfolio dropped more than 25 pts, and the mining and minerals index almost 42 pts, during the report period.

From northern Quebec, near James Bay, MSV Resources reports encouraging preliminary results from about half of the 22 holes drilled in June into the B zone of the Eastmain project. MSV, whose A stock slipped 24 cents to $3.25 on a volume of 104,100, has a 49% interest in the gold project. Its partner is Placer Dome, which moved down 13 cents to $16.50 on 402,200 shares. A final feasibility study on the project is expected to be completed in September. Also, in that same part of the province, MSV is earning a 20% interest in the Clearwater project in a joint-venture deal involving TSE-listed Eastmain Resources.

Results from a drill hole which reached a vertical depth of 6,175 ft at the Paymaster property at Timmins, Ont., have been announced by partners American Reserve Mining, which traded 142,800 shares and climbed 10 cents to $2.40, and TSE- listed Associated Porcupine Mines. Reported were intersections of 9 ft of 0.22 oz gold per ton, 19 ft of 0.31 oz and 18 ft of 0.38 oz. The companies are preparing to dewater the old mine workings to allow for an exploration program.

Stratmin Inc., whose A stock gained 10 cents to $1.40 with 192,100 shares changing hands, says it intends to use most of the $500,000 it has raised in a flow-through share deal with CMP 1988 Resource Partnership and Co., Ltd. to complete surface exploration work at its Mont-Laurier, Que., graphite deposit.

Closing unchanged at 44 cents and trading 152,000 shares was Tandem Resources, which is concentrating on a couple of exploration properties, Moss Lake in northwestern Ontario with ASE-listed and project operator Storimin Exploration, and Vezza in northwestern Quebec with North American Rare Metals. North American Rare traded 15,700 shares, slipping 5 cents to 65 cents .