Montreal Exchange Abitibi Metal active

While trading activity was generally moderate this week on the Montreal Exchange, one mining firm, Abitibi Metal Mines, managed to turn over more than 900,000 shares.

Abitibi Metal, which closed down 1 cents to 15 cents , is awaiting the results of a 4,000-ton bulk sample taken from its Audet gold property in Malartic Twp. in northwestern Quebec. According to a spokesman, the company anticipates a higher grade than the 0.97 oz gold per ton obtained in an earlier drilling program. That drill program indicated 300,000 tons of reserves.

Closing up 25 cents to $6.50 on a volume of 370,900 was Sullivan Mines, which is the subject of a takeover bid by Ste. Genevieve Resources. The latter, which traded 140,600 shares and closed down 88 cents to $6, is offering $6.62 per share for a minimum 51% and a maximum 70% of Sullivan’s outstanding shares.

A $21 million underground exploration program has been announced for the Silidor gold find in Quebec’s Beauchastel Twp., involving Noranda Exploration (55% interest), Cambior Inc. (25%) and Cogesco Mining Resources (20%). Noranda is a subsidiary of Noranda Inc., whose stock closed down 75 cents to $27.63 on 150,000 shares. Cambior traded 83,500 shares and closed down 75 cents to $25.25, while Cogesco closed down 4 cents to 69 cents on a volume of 263,300.

Audrey Resources, which will start production at its Mobrun gold- silver-copper-zinc project in northwestern Quebec on July 1, closed up 5 cents to $4.70 with 107,300 shares changing hands. Audrey has a 70% interest in the property. The remaining 30% interest is held by Minnova Inc., which closed down $1.25 to $22.75 on 130,400 shares. Essor Exploration, which closed down 1 cents to $1.12 with 293,000 shares changing hands, recently released encouraging preliminary results from a new gold zone intercepted on the Aiguebelle property. Essor is the operator of the project.

Closing down 1 cents to 25 cents on a volume of 571,600 was Parquet Resources, which has been active with a diamond drilling program on gold property in Courville Twp. in Quebec’s Val d’Or area.

Intersecting additional gold mineralization, with encouraging results, in three recently completed drill holes on its Hewfran property at Desmaraisville, Que., 120 mi north of Val d’Or was Aur Resources, whose shares closed down 38 cents to $9.75 on a volume of 13,500.