Montreal Exchange Stabell riding high

Trading activity remained high this holiday-shortened week on the Montreal Exchange but the trend was downwards, with both the market portfolio and mining and minerals index losing ground. Stories of possible rising inflation and interest rates, and the health of the troubled U.S. dollar, continue to worry investors.

Riding high during the week on a volume of 2,196,200 shares was Stabell Resources, which closed up 13 cents to 76 cents . Stabell recently reported that drilling near the No 2 shaft at the Dubuisson gold property near Val d’Or, Que., intersected what is believed to be the main shear zone extension of the former producing Sullivan Consolidated mine. Stabell’s partner in the project is vse-listed Acquisitor Mines.

Also trading more than 2 million shares was Abitibi Metal Mines, which is optimistic about the prospects of bringing its Audet gold property, located north of Malartic, Que., into production. Abitibi Metal gained 7 cents to 28 cents . A heap- leaching operation is being considered for the project, which is undergoing a re-evaluation this year.

Halex Resources reports it has signed an agreement with Mines J.A.G. giving Halex, which moved up 7 cents to 62 cents on 139,000 shares, the right to acquire a 60% interest in the Belleterre gold project by spending $3 million d uring the next three years. Halex has budgeted $400,000 this year for dewatering an existing shaft on the property, sampling the veins and conducting an underground drilling program.

Mines J.A.G., which traded 121,000 shares and slipped 4 cents to 55 cents , is to benefit from a recent share-offering worth $6.8 million by the St. Jacques Mining Group 1987 (which, in addition to Mines J.A.G., has as its members V.S.P.A. Orbite Exploration and Pro-Or Mining Resources). Mines J.A.G. is currently involved in 12 projects, including Belleterre.

Closing up 3 cents to 99 cents with 202,500 shares changing hands was Normetal Mining Exploration, which reports that results of a tailings drill program have established that the value of metal per ton is 50% higher than first estimated. A 50-ton bulk sample of the tailings has been shipped to the laboratory for metallurgical testing.