Montreal Exchange Mazarin, Cambior deal

In response to the latest Mid- East crisis involving a show of force by Iraq, the ME, like its sister equity markets around the world, took it on the chin for the week ended Aug. 7. The general market portfolio index was down by more than 46 points, while the mining and minerals index slipped by more than 41 points. Daily trading volumes, higher than in previous weeks, were in the range of 5.2 million to 6.6 million shares. Among the week’s leaders was Societe d’Exploration Miniere Mazarin, which announced a deal with gold producer Cambior for the development of the former’s Lac Knife graphite deposit near Fermont, Que. Cambior is willing to help financially to bring the deposit into production for a 50% interest. Trading almost 660,000 shares, Mazarin dropped 3 cents to 67 cents. Cambior gained 25 cents to $13.50 on 170,400 shares.

A proposal involving Aur Resources and Societe Miniere Louvem which would end the ownership dispute over the Louvicourt Twp. massive sulphide discovery near Val d’Or, Que., didn’t seem to excite investors. Aur traded 73,400 shares on the week, moving up 5 cents to $4.45. Louvem dropped 38 cents to $6.25 on 77,000 shares. Louvem’s parent, St. Genevieve Resources, fell 34 cents to $1.50 on a volume of 190,600.

Golden Briar Mines, closing up 2 cents to 7 cents on 932,000 shares, benefited from the acquisition, by its major shareholders, of a large block (900,000 shares) of the company’s shares. Also, property in the Rouyn- Noranda, Que., area in which Golden Briar has a cash flow royalty, is reported to be near the drilling stage.

Trading 600,000 shares, Armeno Resources announced a property option agreement with an individual whereby the company may purchase a 100% interest in the Catherine property in the Nelson mining division of British Columbia. Armeno gained 9 cents to 46 cents.

Also in British Columbia, American Reserve Mining reported two drill rigs are at work on the Kutcho Creek copper-zinc project in the province’s north-central region. American dropped 6 cents to 45 cents on 46,000 shares. Project partner Homestake Mining is the operator.