The wind seems to have gone out of the sails of the ME, with both the general market portfolio index and the mining and minerals index experiencing downturns. In the case of the latter, the index was off more than 12 pts on the week. Daily trading volumes were light- to-moderate, ranging between 4.1 million and 6.4 million shares. National elections this month in both the U.S. and Canada, and the fate of the proposed free trade agreement between the two nations, might be diverting investor attention.
Reporting encouraging results from a third deep drill hole at the Paymaster gold property at Timmins, Ont., were American Reserve Mining, which gained 12 to $1.65 on a volume of 33,600, and TSE- listed Associated Porcupine Mines. The companies are testing for mineralization at a depth of 6,000 ft.
Emerging graphite producer Stratmin Inc. says it has agreement in principle for a long term deal with Asbury Graphite Mills to lease the latter’s milling facilities at Notre- Dame-du-Laus, Que., and to sell its concentrates to Asbury. Stratmin, which slipped 9 to $1.15 on 156,800 shares, is nearing completion of a feasibility study for its graphite property near Mont- Laurier, Que.
Jumping 70 on the week to $4.35 was Spirit Lake Explorations, which is involved in the second phase of an exploration program comprising some 50,000 ft of drilling at property near Wawa, Ont. Among the week’s trading leaders, with 653,600 shares changing hands, was Golden Group Explorations, which is a partner with VSE-listed Golden Hope Resources in the Estrades project at Casa Berardi. Golden Group dropped 9 on the week to 70 *
Trading 22,000 shares and closing down 2 to 70 was Orleans Resources, which has reported encouraging initial results from a drilling campaign at the Tangier property (East block) in Nova Scotia. Orleans is earning a 50% interest in the property.
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