Montreal Exchange Vassan among leaders

Good news travels fast, as Vassan Resources of Val d’Or, Que., can attest. The junior mining company traded a respectable 368,200 shares this week on encouraging preliminary drill results from its gold property near Val d’Or and also on news it has signed an option to acquire a 40% interest in the Bassignac gold property in Destor Twp. in northwestern Quebec from a subsidiary of Cambior Inc. Vassan (trading in the stock was halted for a few days during the week; me officials were apparently checking the drill results) moved up 6 cents to 40 cents , while Cambior jumped $3.25 to $20.50 on a volume of 96,200.

Although the me closed the week on a positive note, a mini- crash on Blue Monday saw the general market portfolio index drop 62 pt and the mining and minerals index plunge 79 pt. Trading throughout the week continued to be light.

Jumping 5 cents to 23 cents on a whopping 2.7 million shares was Abitibi Metals Mines, which is performing exploration work on a number of Quebec properties. The company reports grab samples from the recently acquired Jolin property have returned high gold values.

Announcing the successful completion of the first phase of a reverse circulation drilling program at the Gilbert River gold placer project south of Quebec City, and an increase in reserves, was Macamic Resources, which gained 3 cents to 30 cents on 21,500 shares. Macamic is earning a 50% interest in the project from Coniagas Mines, which traded 6,300 shares and jumped 75 cents to $3.50.

Shareholders of Nova-Cogesco Resources of Montreal have turned thumbs down on a proposed private placement of 700,000 common shares, at $2.75 each, to MSV Resources. Had the deal been approved, msv would have in creased its holdings in Nova-Cogesco from 15% to 26%. Both companies are managed by Somicom Management Inc. Nova-Cogesco remained unchanged at $2.60 with 30,700 shares changing hands, while msv A shares traded for a volume of 98,400 and gained 5 cents to $2.90.

An incorrect price provided to The Northern Miner in a news release appeared here last week. St. Genevieve Resources of Montreal has completed a deal with Societe en Commandite Sofimines 1987 whereby the former will receive $326,400 in exploration funding in return for 65,280 flow-through shares at $5 per share. Also, Sofimines general partner Gestion Soficorp Inc. has the option to subscribe for an additional 38,961 shares at $3.85 each. On the week, St. Genevieve closed down 59 cents to $3.65 on a volume of 227,200 shares.

Recently listed on the me were the common shares of Bresea Resources of Calgary.