Trading slowed down during the holiday-shortened week ended May 21, with daily volumes ranging between 3.2 million and four million shares. While the market portfolio managed a gain of less than one point, the mining and minerals index dropped by almost 17 points.
The volume leader for the week, Vancouver-based Armeno Resources, is looking forward to a mill startup at its San Bartolome polymetallic mine in Ecuador in July. President Bedo Kalpakian, after a recent trip to the mining project, reported that 80% of all of the civil engineering work had been completed and installation of machinery and equipment was under way. Armeno gained four cents on the week to 45 cents on a volume of 340,200.
Ressources Minieres Rouyn reported first-quarter gold production from development ore of 3,450 oz. at its Francoeur mine project near Rouyn-Noranda, Que. Trading 19,800 shares, Rouyn closed unchanged at 65 cents. Rouyn’s partner in the project, LAC Minerals, slipped 25 cents to $8 on 44,300 shares.
New exploration programs have been started up by VSM Exploration and partner Serem-Quebec in the Quevillon-Desmaraisville camp of northwestern Quebec. Not included in these plans is development work at three zones at the Grevet zinc project where an estimated 12.7 million tonnes of reserves have been uncovered to date. Trading 15,500 shares, VSM closed unchanged at $1.
Cheni Gold Mines and its partners, Equinox Resources and Pan American Minerals, reported more encouraging results from drilling at their J&L polymetallic prospect in British Columbia. Work continues on the arsenical Main zone and the arsenic-free Yellowjacket zone. Gold-producer Cheni was 90 cents bid, $1.10 ask for the week.
Be the first to comment on "Montreal Exchange Armeno among active"