Montreal Exchange Cambior making plans

Taking its cue from the larger North American stock markets, the Montreal Exchange this holiday- shortened week went into a general nosedive. Trading in resource issues fared better, with the mining and minerals index starting off the week in positive fashion and ending with a small gain. In between, the index posted negative values.

Announcing a $22.8-million underground exploration program for its Mouska property, located near the town of Cadillac in northwestern Quebec, was Cambior Inc., which closed down 50 cents to $25.50 on a volume of 29,000. Drill- indicated reserves at the property currently stand at 1.6 million tons grading 0.18 oz gold per ton.

Trading 67,700 shares during the week and moving down 19 cents to $2.25 was Beaufield Resources, which reported, along with joint-venture partner Falconbridge Ltd., encouraging gold intersections from an initial drill program in the Macho- Rouleau area of northwestern Quebec. Falconbridge, which slipped $1.25 to $28.88, has recommended an additional work program worth a minimum $500,000, Beaufield says.

Having rejected an offer from Belmoral Mines to purchase about 6.4 million shares of Louvem Inc. at $3.15 per share (a $20-million deal), the board of directors of Louvem now awaits shareholder approval of a $10-million offer from St. Genevieve Resources to buy about 3.7 million shares of Louvem at $2.70 per share. The shareholders are set to meet Oct 20. Louvem, which closed down 5 cents to $2.90 with 216,500 shares changing hands, is hoping to use the funds to retire its debt and continue development at its producing Chimo mine site. Belmoral was down 24 cents to $5 on a volume of 47,700, while St. Genevieve, which traded 295,300 shares, dropped $1 to $7.38.

A drilling program is to be initiated by Chesbar Resources at optioned property in Yeo Twp. in northern Ontario, between Timmins and Sudbury, where high grade gold has been uncovered in a sampling program. Chesbar gained 5 cents on the week to $2.50 on 15,600 shares.