Investors were in a positive mood during the week ended July 9. The general market portfolio index jumped by 23.7 points and the mining and minerals index gained almost seven points. Daily trading volumes ranged between 2.5 million and 4.9 million shares.
Among the week’s volume leaders was Lyon Lake Mines, which was off a penny to 13 cents on almost 340,000 shares. Lyon Lake and its partner, VSE-listed Adonos Resources, in a developing Costa Rican heap leach gold operation, are encouraged by recent cyanide leach testing of two samples.
The ME reported a rise of almost 10% in the value traded during the first six months of 1991 compared with the same period last year. For the average daily value, trading was up from $65 million to $72 million. In June, the dollar value traded, at $1.29 billion, was down from May but higher when compared with the same month in 1990. The mining and minerals index rose by 2.3% in June; the market portfolio was off by 2.4%.
Freewest Resources reported optioning an 18-claim lead-zinc property in the Bathurst area of New Brunswick. Line cutting is under way, said Freewest, which gained 13 cents to $3.25 on a volume of 16,400.
In the Dease Lake area of northern British Columbia, American Reserve Mining said it has an agreement with Home-stake Canada which allows American to acquire the remaining 20% interest in the polymetallic Kutcho Creek property. American, which slipped by six cents to 61 cents on 43,800 shares, said it is negotiating an option deal with another major for the property.
Yorbeau Resources, trading 14,500 shares and gaining two cents to 17 cents, recently announced it had raised $400,000 in the first closing of a private placement involving shares and warrants.
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