Montreal Exchange Sphinx issues active

Trading of Exploration Sphinx “A” shares, which have been active for the past weeks, received another boost this past week with the release of bulk sample results from the Duvay property located north of Amos, Que.

With general trading up and down on the Montreal Exchange during the week, Sphinx shares closed up $1.08 to $2.12 on approximately 1.4 million shares.

Sphinx president Michel David said the bulk sample of 3,600 tons indicates a gold value of 0.22 oz per ton. Reserves, he said, are estimated to range up to one million tons. And, with little overburden, open pit mining may be feasibile.

Trading 651,400 shares (the “A” stock) during the week was MSV Resources, which has announced completion of a surface exploration program on the Eastmain project in north-central Quebec. Preliminary results are positive, and the stock closed at $2.90, up $1.06.

MSV is providing funding for the project as part of its bid to earn a 49% interest in the property. Placer Development is the operator of the project.

Other active stocks included Audrey Resources, which traded 541,700 shares and closed up 50 cents to $2.15, and Oasis Resources, which closed up 17 cents to 60 cents on 481,400 trading issues.

Louvem Mining recently announced it is engaged in a reorganization program which will affect its mining operations and see a revamping of its financial structure. A dividend policy is in the works. Louvem’s stock closed up 3 cents to $1.66 on 92,100 shares.

Closing down 5 cents to 55 cents on 23,600 shares was Eider Mining Resources of Rouyn, Que. Eider is currently involved in a drilling program on the Rouyn-Beauchastel property.

Recently announcing an exploration program on 492 ha in Ligneris and Desboues Twps. was Maufort Resources of Val d’Or, Que. The property of 13 claims is adjacent to the Sigma Mines-Vior Mining property where a mineralized zone 39.3 ft in width and containing 0.35 oz gold per ton has been located. Maufort’s stock closed up 9 cents to 73 cents , with 28,600 shares changing hands.

Closing unchanged at $3.70 on 58,600 shares was St Genevieve Resources. The company recently announced it has signed two agreements for the funding of its 1987 and 1988 exploration programs worth a total of $11 million.