Resource issues took a tumble for the week ended April 10, with the mining and minerals index dropping more than 89 points. The market portfolio was also down, by more than 28 points, in light-to- moderate trading. Daily volumes ranged between 3.6 million and 6.7 million shares. Topping the list of traders, at more than 1.3 million shares, was Societe d’Exploration Miniere Vior, which became an investor favorite recently following the release of drill-hole results from property in Douay Twp. in Quebec’s Casa Berardi region. Vior gained 20 cents to $1.45. Project partner Inco slipped 75 cents to $30.13 on 131,200 shares, while the third partner, Cambior, closed unchanged at $15.25 on a volume of 293,800.
A couple of associated juniors, Societe Miniere Sphinx and Societe Mimiska, say they plan to buy a copper-gold-silver producer in the Philippines. The mainly copper project is reported to have minable reserves of 200 million tonnes grading about 0.47% copper. Trading 121,700 shares, Sphinx dropped 4 cents to 84 cents; Mimiska gained 11 cents to 73 cents with 148,700 shares changing hands.
Cheni Gold Mines has a new person in charge of operations following the resignation of its president, Paul Girard. Assuming the president’s responsibilities will be Edmond Lemieux, as vice-chairman and chief executive officer. Gold producer Cheni closed unchanged at $4.25 on 3,000 shares.
An option has been granted to Lyon Lake Mines by TSE-listed Black Cliff Mines to earn a 50% interest in four gold prospects in Costa Rica. The transaction is subject to regulatory approval. Trading 87,600 shares, Lyon Lake closed unchanged at 24 cents.
Armeno Resources, up 2 cents to 27 cents on 158,100 shares, recently entered into a preliminary agreement with VSE-listed Remington Creek Resources which will allow Armeno to acquire up to a 60% interest in the latter’s Independence property in British Columbia.
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