While trading volumes have generally been excellent this past week, the Montreal Exchange lost ground, with both the market portfolio and the mining and minerals index closing down. Action continues to be hot and heavy insofar as resource issues are concerned.
Moving up 9 cents to 34 cents on a volume of almost 4.2 million shares was La Pause Resources, which The Northern Miner understands is in the middle of negotiating a financing arrangement for exploration purposes worth several million dollars. La Pause has yet to circulate results from its winter drilling program, although a release is expected in the near future.
A decision has been made by Aur Resources, which closed down 38 cents to $11 on 8,700 shares, to go underground at the Hewfran gold property at Desmaraisville, Que. An exploration program worth $1 million is planned.
Releasing encouraging results, from six holes drilled in July by Cambior Inc. at the Stadacona-East property in northwestern Quebec, was Forbex Mining Resources. Forbex closed unchanged at 96 cents with 146,800 shares changing hands, while Cambior slipped 63 cents to $28.38 on a volume of 423,000.
The new name for Cogesco Mining Resources, which is involved in a number of projects in northwestern Quebec, is Nova-Cogesco Ltd., company executives have announced. Nova-Cogesco gained 65 cents on the week to $4.30 on a volume of 143,100 shares.
Ligneris Mineral Exploration, which closed up 2 cents to 45 cents with 96,300 shares changing hands and which is spending more than $2.5 million on exploration this year, has acquired new property in Barraute Twp. in northwestern Quebec. An exploration program for the new property is being prepared.
Encouraged by preliminary results from its Casa Berardi West Block property is Yorbeau Resources, which moved up 1 cents to $1.60 on a volume of 174,500. The company owns or has under option two other large land blocks in the same area.
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