Montreal Exchange Summer trading slows

Market activity slowed during June, according to ME officials. The average daily volume during the month, at about 4.9 million shares, was down 7.1% from May. On the other hand, the average price per share traded rose in June to $11.11 (from $10.96). The general market portfolio index closed last month at 1,833.3 points, down from 2,030.8 points at year-end 1989. For the week ended July 10, the market portfolio slipped by almost 24 points, while the mining and minerals index dropped by almost 44 points. Trading volumes were light, ranging between 3.3 million and 4.4 million shares.

Near Matagami, Que., VSM Exploration and working partner Serem-Quebec are negotiating a deal to earn 50% interests in three area property options belonging to TSE-listed Dundee-Palliser Resources. The VSM-Serem team, with a potentially huge zinc play on its hands, is seeking to strengthen its already extensive land holdings in the area. Trading 51,300 shares, VSM dropped a penny to $1.03.

Vancouver-based Armeno Resources, which gained 5 cents to 30 cents on more than 200,000 shares, has been busy making deals. The company entered into an option agreement with Armenex Resources Canada whereby the latter may earn a 50% interest in Armeno’s optioned interest in the Independence gold- silver prospect near Stewart, B.C.

Armeno also announced reaching a joint venture agreement with Nissho Iwai Corp. of Japan. Nissho has agreed to provide the money to bring Armeno’s San Bartolome silver-gold-zinc-lead deposit in Ecuador into production in return for a 50% interest.

Golden Pond Resources reports it is negotiating an option agreement involving a group of claims east of Amos, Que. Trading 3,000 shares, Golden Pond moved up 1 cents to 10 cents.

An option agreement has been entered into by Aurizon Mines to purchase, from an individual, a 100% interest in mineral claims adjoining the company’s Sleeping Giant gold mine, north of Amos. Aurizon gained 2 cents to 16 cents on a volume of 53,300.

Newly listed on the ME is Duverny Exploration, a junior which is part of the St. Genevieve group of companies.