Montreal Exchange Trading volume slows

Turbulent trading continues to be the trademark of the current market, where the weakened state of the U.S. dollar seems to be the focus of everyone’s attention, as well as that country’s huge deficit. In Montreal, the trading volatility goes on, with substantial gains one day being followed by losses of a similar size in the following days. The me’s mining and minerals index, for example, jumped 6.7% one day and 3.6% the next, only to fall back 4.2% the third day. Trading volume, moderate-to-good at the start of the week, dropped off considerably the last two days.

Gaining 55 cents to $2.90 on a volume of 348,500 was MSV Resources A, which has struck a $3.6-million deal with Toronto-based Kerr Addison Mines whereby the latter will purchase, in a private placement, 1.2 million shares of msv at $3 per share. msv is close to earning a 49% interest in the Eastmain gold project east of James Bay in northern Quebec from Placer Dome, which traded 478,300 shares and slipped 13 cents on the week to $17.13. The Eastmain joint venture went underground this year to delineate reserves further.

Reporting encouraging results from its Stadacona-East gold property in northwestern Quebec is Forbex Mining Resources, which closed down 4 cents to 55 cents on 59,900 shares. Best value reported from the September drilling was 0.15 oz gold per ton over 4.6 ft. Drilling continues on the property.

Also pleased by exploration work, on the Tiblemont property, located 24 miles east of Val d’Or, Que., is Maufort Resources, which slipped 3 cents to $1.37 on a volume of 112,500. Among the better values are 0.32 oz over 3.3 ft and 0.28 oz over 5 ft.

J.A.G. Mines reports interesting intersections, including 0.26 oz over 1.6 ft within a section 13.1 ft wide grading 0.06 oz, from the first six holes completed on the main zone of the Malartic property in northwestern Quebec. A second zone has been identified south of the main zone. J.A.G. moved up 10 cents to 40 cents with 46,400 shares changing hands.

Essor Exploration, trading 245,500 shares and closing down 13 cents to 96 cents , says it has commissioned an independent engineer-consultant firm to evaluate reserves defined to date on the Aiguebelle property in northwestern Quebec. Essor’s joint- venture partners in the project are Eldor Resources and Kerr Addison.

Recently listed for trading on the me was Vancouver-based Galactic Resources.