The phrase “year-end holiday” seems to have been taken literally by investors on the Montreal Exchange, where daily trading volumes slowed almost to a trickle as the week wore on. Those investors that did hang in experienced mixed trading, with both the market portfolio and mining and minerals index giving way to losses during the latter part of the week.
St. Genevieve Resources, which slipped 9 cents to $3.40 on 87,200 shares, has announced the signing of two new agreements for exploration financing. The first, worth up to $1.5 million, is with E.M.Q. (1987) Mineral Exploration and Co., Ltd. Partnership, while the second, involving 150,000 units (shares and half-warrants) at $3.40 per unit, is with Fonds de Solidarite des Travailleurs du Quebec.
Also announcing the signing of an agreement, with Sofimines 1987 and Co., Ltd. Partnership, was Stabell Resources, which gained 2 cents to 33 cents on a volume of 59,400. Sofimines will provide $750,000 in exploration funding in return for 1.5 million shares of Stabell at 50 cents per share.
Increasing its interest to 42.6% in Anglo Dominion Gold Exploration of Toronto was Coniagas Mines, which jumped 40 cents on the week to $2.90 on 3,000 shares. A private placement of 300,000 shares with Coniagas at 90 cents per share netted Anglo Dominion $270,000, which it says will go towards reducing its bank debt.
Moving up a nickel to $2 with 49,600 shares changing hands was Campbell Resources, which recently received shareholder approval for an amalgamation with Meston Lake Resources, a company active in Quebec’s Chibougamau area. Meston, which was merged with a wholly-owned subsidiary of Campbell, was 64% owned by Campbell.
Two new listings on the me are Sundust Resources of Sherbrooke, Que., and Mill City Gold of Calgary.
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