Montreal Exchange Audrey trades higher

Continuing to trade actively on the Montreal Exchange is Audrey Resources, which this week closed up 90 cents to $4.35 on a volume of 670,200 shares. Audrey has a 70% interest in the Mobrun project (Minnova Inc. holds the remaining 30%) located 31 km northeast of Rouyn, Que.

Recent Mobrun results from underground drilling and bulk samples indicated gold grades almost one-third higher than estimated. A production decision may be made in the near future.

Overall activity on the exchange continued to be heavy during the week, with the mining and minerals index experiencing hefty daily gains before registering small losses later in the week.

Closing up 18 cents to 82 cents with 753,900 shares changing hands was Radisson Mining Resources. Radisson has agreed to purchase the old Duquesne mine, located about 20 km north of Noranda, Que., by spending $6 million within two years, vice-president Julien Gadoury told The Northern Miner. Radisson also has an option to purchase all of the shares of the Duquesne Mine company at $3 per share.

Again trading more than a million shares during the week was Barexor Minerals, where a new chairman (not president, as reported here last week) of the board, Michel David, has been named. Mr David is president of the Ariel Mining Group. Barexor owns a gold deposit in Barraute Twp, and recently signed a profit-sharing agreement with Hughes Lang regarding the deposit’s development and production start-up. Barexor closed up 3 cents to $1.02.

Abcourt Mines now holds 23% of Brosnor Exploration and is Brosnor’s principal shareholder. Brosnor recently announced plans to spend $3 million in exploration work on its Chibougamau, Belleterre and Louvicourt properties. Abcourt closed up 14 cents to $1.84 on a volume of 182,000, while Brosnor closed down 4 cents to 63 cents with 471,100 shares changing hands.

Ojibway Resources, which closed unchanged at 60 cents on a volume of 122,400, has announced two agreements, subject to regulatory approval, concern ng properties in Glandelet and Chaste Twps. in northwestern Que bec. Under the agreements, Canhorn Mining may earn a 50% interest in the Glandelet property, while Mines d’Or Perron may earn a 50% interest in the Chaste property.

Two new listings on the exchange are Golden Day Mining Exploration and Moneta Porcupine Mines.