Montreal Exchange Heavy Muscocho volume

Volume was light-to-moderate this week but investors seemed to know what they wanted. The general market portfolio index jumped almost 55 points for the week ended May 8, and the mining and minerals index gained more than 56 points. Daily trading ranged between 3.7 million and 5.9 million shares. Troubled Muscocho Explorations traded almost 2.4 million shares and declined 20 cents to 15 cents over news Echo Bay Mines will not take over operation of the Magino and Magnacon gold mines in the Wawa area of northern Ontario, as was proposed. Both mines have yet to perform up to preproduction expectations. Echo Bay dropped $2 to $13.75 on 69,700 shares.

Encouraged by the ongoing exploration program at their gold project at Val d’Or, Que., are Goldex Mines and Ormico Explorations. Three drill rigs, stationed on the extended 1250 level from the adjoining Goldex property, are being kept busy, the companies say. Trading 11,000 shares, Goldex climbed 40 cents to $3.85, while Ormico moved up 5 cents to $1.25 with 80,300 shares changing hands.

Jilbey Exploration says it is negotiating for flow-through funding with CMP to help cover its drilling expenses on the joint venture Fontana gold project in Duverny Twp. in northwestern Quebec. Jilbey, trading 105,500 shares, gained 2 cents to 38 cents.

In the process of finalizing a series of private placements to finance its acquisition of the 50% interest of the Vendome zinc deposit near Val d’Or, Que., it does not own is Ressources Val d’Or. The junior slipped 1 cents to 13 cents on a volume of 518,500. Owner of the 50% interest which Val d’Or is trying to purchase is Abcourt Mines, which dropped 2 cents to 15 cents on 9,000 shares.

Graphite producer Stratmin says it has arranged three financing agreements totalling almost $26.2 million, which it will use to pay off a bank loan and for a mill expansion at its Saint-Aime-du-Lac-des- Isles project location north of Montreal. One of the agreements is with Mircal, a wholly owned subsidiary of the French group Imetal. Trading 22,400 shares, Stratmin closed unchanged at $1.60.

Exploring a zinc-silver prospect in Montgay Twp. northeast of Val d’Or are Billiton Resources Canada and Ressources William, which grew out of Halex Resources and which was recently listed on the ME. William fell 9 cents to 20 cents on 39,400 shares.

Golden Day Mining is proposing a consolidation of its shares on a 10-for-1 basis and a corporate name change, possibly to Highland Resource Ventures. Shareholders of Golden Day, which closed unchanged at 4 cents on 27,400 shares, will vote June 7 on the share consolidation.