Montreal Exchange: Light trading week

Light volumes highlighted trading on the Montreal Exchange this week, with positive values dominating at week’s end. Both the market portfolio (general index) and the mining and minerals index had gains on the week. Daily volumes were in the 5-6 million range. Releasing results from their summer drilling campaign on the 1,000-sq-km Scheffor property located near Schefferville, Que., were Mazarin Inc., which slipped 4 cents to 35 cents on a volume of 20,700, and Vior Inc., which dropped 14 cents to $1.15 on 34,600 shares. Twenty-six short holes were drilled; the companies are still evaluating the results.

Ojibway Resources reports it has drilling rigs operating on three properties: Desboues, Soissons and Rochebeaucourt. Ojibway, which moved down 4 cents to 26 cents on 47,500 shares, says samples taken from the Rochebeaucourt property this fall returned values ranging from 0.22 oz gold per ton to 0.58 oz.

Calgary-based Bow Valley Industries, courted unsuccessfully by British Gas plc earlier this year, is the subject of another takeover bid by the same British utility. Bow Valley shares closed unchanged at $14.50 on a volume of 416,700.

Continuing to trade well but within a small price range is Abitibi Metals Mines, which recently released drilling results from the Jolin gold property north of Val d’Or, Que. Abitibi shares closed at 19 cents on a volume of 361,800.

Two companies with properties in the Chibougamau area of Quebec, Northgate Exploration and Norbeau Mines, have agreed to do business with Western Mining Corp. of Australia. Western will buy Northgate’s Copper Rand and Portage copper-gold mines and all of the shares outstanding of Norbeau, which is 35% owned by Northgate. (Western has acquired or is planning to buy properties from other companies across Canada.) Northgate gained 38 cents to $8.38 with 34,700 shares changing hands, while Norbeau slipped 1 cents to 15 cents on 7,500 shares.