Montreal Exchange (January 09, 1988)

Investors must have been pre- occupied with other activities during the year-end holiday festivities; daily trading volumes during the shortened week ranged from a lowly 2.2 million on up to 3.5 million shares. The market, which closed 1988 on an “up” note, did an abrupt about-face on the first day of trading in the new year, with the market portfolio index dropping 20.5 pts. On the week, the general index fell almost 14 pts, while the mining and minerals index managed a small gain of 5.4 pts. During 1988, the daily trading volume averaged 5.1 million shares, down from the 1987 average of 8.1 million. Also, new listings on the ME last year fell to 48 from a whopping 123 in 1987. Resources issues, which served the ME so well two years ago, couldn’t keep up the pace in 1988; perhaps the new Quebec policy of allowing investors in junior-mining companies in the province a tax write-off of 166% for every dollar so spent will help to bring about a resurgence.

Announcing funding of $1.5 million from a Swiss investor was up-and-coming Quebec graphite producer Stratmin Inc., which jumped 25 to $1.35 on a volume of 74,500 shares. Most of the money will be used to winterize a mill the company has rented and to construct a new tailings pond connected with the mill.

Finor Exploration reports encouraging results from its drilling program on Courville Twp. property about 20 miles northeast of Val d’Or, Que. Finor, trading 3,000 shares and slipping 6 to 27 , is optioning the property from Parquet Resources, which climbed 2 to 14 on 37,000 shares.

Recently raising $285,000 through two flow-through share issues was Bresea Resources, which gained 5 to 50 with 4,000 shares changing hands. Bresea plans to use the money to explore its Black-River gold claims in the Northwest Territories.