Montreal Stock Exchange Heavy Val d’Or action

Volume was moderate and the market turned downward for the week ended June 19. The mining and minerals index dropped 31.5 points, while the market portfolio was off more than 51 points. Daily trading volumes ranged between 3.8 million and 5.2 million shares. Continuing its fairly heavy share action was Ressources Val d’Or, which is trying to consolidate its position at the Bardome zinc project in the Val d’Or, Que., area. Trading more than 900,000 shares, the junior slipped 2 cents to 15 cents.

In Brazil, Consolidated TVX Mining has become involved with Inco in the development (still at the early stages) of a nickel deposit. TVX, which fell 14 cents to $4.25 on 12,100 shares, is an emerging major gold producer, with interests in properties in Brazil and Chile.

Radisson Mining Resources says it has sold forward 13,217 oz. gold at an average minimum price of $443.86 for delivery between August, 1990, and June, 1991. The junior has plans to place the Duquesne mine project near Rouyn- Noranda, Que., into production. Trading 40,000 shares, Radisson closed unchanged at 32 cents.

At Spirit Lake Explorations, in an executive shakeup, Noble Harbinson has replaced John Hansuld as president. Spirit Lake has high hopes of placing its Edwards gold property northeast of Wawa, Ont., into production. The company jumped 30 cents to $1.20 on a volume of 81,200.

A startup of the Duvay heap leach project near Amos, Que., was announced by Societe Miniere Sphinx. The company, whose stock dropped 6 cents to 66 cents on 27,300 shares, says it could have its first bar poured by mid-July.

Aurochs Exploration has signed an option deal (subject to regulatory approval) with Societe d’Exploration Miniere La Sarre to earn a 50% interest in the Rochebeaucourt property about 50 miles north of Val d’Or. Aurochs, which closed unchanged at 20 cents on 34,700 shares, must spend $200,000 on exploration work over three years. Trading 10,000 shares, La Sarre closed unchanged at 14 cents.

Planning a share consolidation (one new for three old shares) and a name change is Mono Gold Mines, which fell 1 cents to 10 cents on 1,000 shares. Shareholders will vote Aug. 9 on the proposed changes.