Montreal Exchange Stratmin gains 20 cents

A sagging market during the first week of the new year gave way to one with a small gain for the report period ended Jan. 15. The market portfolio moved up by more than 5 points on daily volumes in the range of 3.5-5 million shares. The mining and minerals index closed unchanged. Stratmin, which surged 20 cents to 75 cents on 66,500 shares, announced a temporary closure of a leased mill by its graphite-producing subsidiary near the latter’s graphite deposit north of Montreal. Falling sales prompted the move. Stratmin Graphite, which operates the mine and which is 75% owned by Stratmin, will continue to produce at its newer and larger mill at the mine site.

A polymetallic property in New Brunswick’s Northumberland Cty. has caught the interest of Freewest Resources. The company and Mint Gold Resources, which trades over- the-counter, have an option to earn a 100% interest in the prospect where assays from sulphide-rich boulders returned encouraging results. Trading 29,700 shares, Freewest slipped 4 cents to $2.84.

St. Genevieve Resources announced it has entered (subject to regulatory approval) into an exploration financing agreement worth $250,000 with a CMP fund. St. Genevieve, trading 29,700 shares, gained 5 cents to 82 cents. Also entering into a similar type of agreement, but with a private investor, was Kew agama Gold Mines (Quebec), which was 27 cents bid, 37 cents ask on the week. The Kewagama deal, subject to regulatory approval, is worth $150,000.

Volume leader on the week was Societe d’Exploration Miniere La Sarre, which continues to benefit from a base-metal exploration program at a crater site north of Baie Comeau, Que., formed by a meteor hit. The junior moved up 2 cents to 19 cents on a volume of 382,500.

Shareholders of Nova-Cogesco Resources approved the sale of the company’s 20% interest in the Silidor gold mine near Rouyn- Noranda, Que., to one of the other two mine partners. Nova-Cogesco slipped 7 cents to 16 cents on 7,000 shares.