Montreal Exchange (March 16, 1992)

The market turned down during the week ended March 10. The mining and minerals index slipped by 8.1 points and the market portfolio was off by 33.7 points. Daily trading volumes ranged between 3.9 million and 6.9 million shares. The ME reported that the value of shares traded in February totalled $1.85 billion, down by 19.4% from January and off by 4.6% from the same month last year.

From Benoit Twp., Que., Freewest Resources and Minnova reported encouraging results from six drill holes. Minnova has a 4-year option agreement to earn a 51% interest in the property east of Miquelon, Que. Trading 37,900 shares, Freewest slipped by 38 cents to $3.50. Minnova gained 25 cents to $16.88 on a slim volume of 700.

Golden Star Resources said it has been granted a right of reconnaissance for two years to explore for gold and other minerals over a large track of land in northern Suriname by that country’s government. Golden Star, which is active elsewhere in South America, closed unchanged at $1.13 on 59,100 shares. In the Springer Lake area of northwestern Ontario, SEG Exploration entered into an option agreement with Goldhunter Explorations under which SEG may earn a 60% interest in two of Goldhunter’s claim blocks. Previous exploration there identified base and precious metal values within a couple of zones. Trading 81,200 shares, SEG jumped 3 cents to 53 cents.

Raising $500,000 in recent private placements was KWG Resources, which is involved in a joint exploration venture with SEG at the Granada property near Rouyn-Noranda, Que. A wholly owned KWG subsidiary, Cadillac Mining Resources, is currently drilling gold property in Cadillac Twp., Que. KWG dropped 25 cents to $1 with 111,100 shares changing hands.