Montreal Exchange MSV going it alone

Helping to enliven a directionless trading week on the exchange was news that MSV Resources of Montreal will be taking on the Eastmain gold project in northern Quebec by itself, subject to various approvals. The property, which is undergoing a final feasibility study, has been a joint venture between MSV and industry giant Placer Dome. MSV President Mario Caron said Placer Dome has consented to sell its 51% interest because it feels Eastmain could be better developed by a smaller, local operator. Trading 366,100 shares, MSV gained 20 cents to $2.20, while Placer Dome moved up 38 cents to $15.13 on a volume of 200,500.

Marked by extremely light trading on a couple of days (as low as 2.65 million shares during one session), the Montreal Exchange completed another uncertain week, with the general index closing down almost 10 pts and the mining and minerals index showing a gain of almost 10 pts.

At property in Beauchastel Twp. near Rouyn-Noranda, Que., Kimex Resources, which closed at 20 cents , reported intersecting interesting copper values in two holes. Further drilling is planned.

Announcing encouraging results from a drill hole at Virginiatown, Ont., was Armistice Resources, which is undertaking a deep-drilling program there. Armistice, which traded 130,700 shares while slipping 19 cents to 45 cents , is currently drilling from the 1,250-ft level.

Lyon Lake Mines says it has completed a public financing worth about $8.2 million, the funds to go towards surface exploration at the Belleterre property in Quebec and underground work at the Mosquito project in British Columbia. Lyon Lake gained 1 cents to 57 cents with 10,500 shares changing hands.

Reaching an option agreement with Cambior Inc. to earn a 45% interest in the Rouyn-Merger property near Rouyn-Noranda was Canaco Mining Resources. The junior, which closed unchanged at 21 cents on 70,600 shares, has agreed to spend $2.5 million on exploration work over a 3-year period to earn its interest.