Montreal Exchange No shine to trading

Most active of the mining issues was Ressources Maufort, which slipped 1 cents to 8 cents while trading more than one million shares. News out of Val d’Or, Que., is that the junior is being taken over by a group of dissident shareholders who plan a management change.

Climbing 13 cents to 60 cents on a volume of 749,100 shares was Armeno Resources, a Vancouver- based company which recently acquired an interest in a large copper-gold deposit in the African country of Sudan. Vice-President B.H. Kalpakian called the property a “world-class deposit.” Armeno will be the operator and have a 49% interest in the project; the government of Sudan will own the remaining 51%.

A positive feasibility study has been received by Societe d’Exploration Miniere Mazarin for its graphite project near the Quebec- Labrador border. Mazarin, which closed unchanged at $1.01 with 364,300 shares changing hands, hopes to have the project in production early in 1990.

Still with graphite, Stratmin Inc. says it will take on a partner to help develop its graphite deposit near Mont-Laurier, Que., north of Montreal. The buy-in will cost about $19.8 million, for which the partner will receive a 51% interest in the project. Unconfirmed reports say the partner is Elders Resources. Trading 415,200 shares, Stratmin dropped 2 cents to $2.

Trading 477,500 shares and gaining 13 cents to $1.15 was Societe Miniere Sphinx, which is gearing up for a heap leach test involving 40,000 tons of low-grade surface material at its Duvay gold property near Amos, Que. The equipment has been installed and the material placed on the pad in anticipation of a spring, 1990, start-up.

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