Montreal Exchange: Graphite partner

On the graphite front, Societe d’Exploration Miniere Mazarin, which closed unchanged at $1 on almost 1.35 million shares, has decided on a partner to develop its high-grade Lac Knife project near Fermont, Que. Vancouver-based Cassiar Mining has agreed in principle to acquire a 50% interest in the project, which could be in full production by mid-1991. Currently producing graphite in the province, north of Montreal, is Stratmin Inc., which jumped 20 cents to $2 on a volume of 300,900.

Displaying a new management look is Ormico Exploration, where Maurice Fortin has been replaced in the presidency by Michel Cyr. Ormico, which traded almost 1.4 million shares, earlier this year optioned gold property in the Val d’Or, Que., area to Goldex Mines. Trading 15,200 shares, Goldex gained 30 cents to $4.25. Ormico-associated Ressources Maufort, where Fortin has also been replaced as president, was active, trading 636,000 shares and slipping 1 cents to 8 cents .

The small Montauban gold- mining operation of Muscocho Explorations near Quebec City will have depleted its reserves early in 1990, the company reports. Interested parties are being sought to mine the property’s base metal reserves, says Muscocho, which traded 16,400 shares and lost 19 cents to $2.20.

Freewest Resources has finalized a private placement with Noranda whereby the latter is buying shares in Freewest, which will use the proceeds to pay for its share of property purchases, and to fund its share of exploration work, on the Harker-Holloway and Teddy Bear properties in northeastern Ontario. Trading 86,100 shares, Freewest dropped 24 cents to $3.20, while Noran da was down 13 cents to $23.88 with 144,700 shares changing hands.

Planning a small drilling program for the western part of their Chester Twp. gold property in northern Ontario, southwest of Timmins, are Chesbar Resources and TSE-listed Murgold Resources. Drilling of property lying immediately north by another company has returned encouraging results. Chesbar fell 13 cents to 31 cents on 3,500 shares.

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