Montreal Exchange Cogesco among movers

A lacklustre week on the Montreal Exchange this week exhibited little of the activity in resource issues which has characterized trading the past months. Market activity in general was moderate.

Trading 404,100 shares and closing up 9 cents to 78 cents was Cogesco Mining Resources, which has a 20% interest in the Silidor gold find in Quebec’s Beauchastel Twp. which is to undergo a $21 million underground exporation program. Cogesco’s partners in the venture are Noranda Exploration (55 % interest), a subsidiary of Noranda Inc. whose stock closed up 63 cents to $28.25 on a volume of 137,000, and Cambior Inc. (25% interest), which closed up 50 cents to $25.75 on 34,300 shares.

Essor Exploration, which closed up 8 cents to $1.20 with 179,700 shares changing hands, recently announced encouraging gold values from a new zone on the Aiguebelle property in northwestern Quebec. Drilling continues. Essor is involved in the exploration program with Kerr Addison Mines and Eldor Resources.

Forbex Mining Resources has signed a letter of intent with Cambior which will permit the latter to acquire a 50% interest and management of Forbex’s Stadacona-East property. Forbex closed down 12 cents to 63 cents on a volume of 160,800.

Closing up 1 cents to $1.91 on 22,600 shares was Augmitto Explorations, which is excited about drill results from a zone on its Beauchastel property near Rouyn, Que. While previous drilling results indicated gold values up to 0.12 oz per ton, a recent detailed sampling of a 50-ft raise put through the centre of this zone has shown an average cut grade of 0.4 oz, President Norman Brewster says.

Reporting encouraging preliminary results from channel samples on its Dalquier Twp. property, which is being re-drilled this summer, was Normetal Mining Exploration, which closed down 1 cents to 46 cents with 8,500 shares changing hands. The company is also part of a 50/50 joint venture with Doelcam Inc. involving the treatment of 9 million tons of tailings at the old Normetal mine. Doelcam, the operator, is to present a project feasibility study next January.

Increasing its takeover offer to $7.25 per share of Sullivan Mines was Ste. Genevieve Resources, which is bidding for a minimum of 5 million and a maximum of 6 million common shares of Sullivan. Ste. Genevieve, which first bid $6.625 per share, closed up 13 cents to $6.13 on a volume of 40,700. Sullivan closed up 25 cents to $6.75 on 64,600 shares.