Montreal Exchange Light trading week (November 16, 1987)

Light trading volumes and a declining market highlighted activity on the Montreal Exchange this week, where among the “top movers” were some of the larger resource-based companies, including giant gold producer Placer Dome, and Inco Ltd. and Noranda Inc. During the last two trading days of the week, the mining and minerals index was off 2.9% and 2.6%, respectively.

Two junior-mining firms trading actively were MSV Resources A and Nova-Cogesco Resources, with the former gaining 25 cents on the week to $3.15 on a volume of 776,900 and the latter moving up 15 cents to $2.35 on 256,600 shares. Msv, which is earning a 49% interest in the Eastmain gold project in northern Quebec from Placer Dome, recently agreed to sell 1.2 million of its shares at $3 per share to Toronto- based Kerr Addison Mines. Placer Dome, trading 791,200 shares on the week, saw its price slip $2.38 to $14.75. Msv also recently boosted its ownership in Nova-Cogesco from 8% to 10%. Nova-Cogesco has a 20% interest in the Silidor gold prospect at Rouyn-Noranda, Que.

Changing its name to Ecudor Mining Society was La Pause Resources, which closed down 2 cents to 15 cents on a volume of 210,600 shares. The company also announced a share consolidation, on a 10-old- shares-for-11-new-share basis, and arrangement of a private offering with Societe en Commandite Sofimines 1987 whereby Ecudor will receive between $623,023 and $1,163,404 and Sofimines a minimum of 2.13 million shares and a maximum of almost 4 million shares, representing an interest of between 24% and 41% in Ecudor.

Norwood Exploration, which closed down 8 cents to 35 cents with 27,100 shares changing hands, has announced the launching of a drill- core campaign to evaluate an anomaly on property located in Currie Twp. in northwestern Quebec. A program of stripping, detailed mapping, channelling and sampling was conducted along the anomaly, with positive results, during September.

Receiving approval to option two claims in Isle-Dieu Twp. in northwestern Quebec, contiguous to its main gold property, was Explorations Minieres du Nord, which jumped 6 cents to 39 cents on 9,800 shares. The company, which has also completed staking of Dunlop Bay in Matagami, Que., says the two claims will protect the company’s property on strike and along a possible extension of gold-bearing zones to the south.