Market collapse short lived on Montreal;s stock exchange

In Montreal, the mining and minerals index dropped by almost 103 points, or 4.8%, on Friday Oct 13, only to rebound by almost 62 points, or 3%, on the Monday. The fall and rise of the general market portfolio index were slightly less dramatic, dropping about 80 points, or 4%, on Friday, and gaining 40.5 points, or 2.1%, during the next session. Volume on the Friday was a heavier-than-usual 8.7 million shares, but even that total paled in comparison with Monday’s 12.7 million shares.

A glance at the junior mining stocks shows no discernible pattern as to price trading for the two days, with some issues staging a recovery and others declining further.

The two companies involved in the Louvicourt Twp. copper-zinc discovery near Val d’Or, Que., both suffered losses Friday before reclaiming some of the lost ground Monday. Aur Resources dropped $2.13 to $10.13 on 27,700 shares, and regained $1.25 to $11.38 on 42,300 shares; Societe Miniere Louvem slipped $1.25 to $6.25 on 69,800 shares, and rebounded by 50 cents to $6.75 on 236,300 shares.

Golden Star Resources, involved in a joint venture gold exploration play in Guyana, South America, fell Friday by 30 cents to $2.75 on a volume of 14,500, reclaiming 40 cents to $3.15 on 30,100 shares.

Graphite producer Stratmin Inc. slipped 8 cents to $2.20 on 38,000 shares, then dropped another 10 cents to $2.10 with 77,700 shares changing hands. Societe d’Exploration Miniere Mazarin, a junior developing a graphite deposit in Quebec, near the Labrador border, was down 12 cents to 93 cents on 73,400 shares, then recovered Monday by 5 cents to 98 cents on 245,700 shares.

VSM Exploration, a joint venture partner in a zinc exploration play near Matagami, Que., gave up 9 cents to 95 cents on 37,200 shares, then slippe d a further 8 cents to 87 cents with 42,000 shares changing hands.

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