Montreal Exchange Messeguay is active

Trading continued to move forward, with the market portfolio ahead by almost 6 points for our report period, and the mining and minerals index up almost 17 points. Daily trading activity ranged between 3.9 million and 7.5 million shares for the week ended Dec. 11. Blaming the Persian Gulf crisis and the general economic slowdown in Canada, the ME reports a 13.3% drop in the total value of transactions to $1.2 million for November from previous month. Daily volumes also dropped by almost 23%, averaging 4.8 million shares during November.

Announcing an exploration and development agreement for four claims of the Launay gold property northeast of Rouyn-Noranda, Que., were Mines Messeguay and American Barrick Resources. Barrick becomes Messeguay’s new project partner, a Launay option agreement with Corona having been given back to Messeguay in November.

Barrick may earn up to a 75% interest in the Launay claims through property expenditures. Messeguay will retain an option to convert its 25% interest into a 20% net profit royalty. Trading 565,000 shares, Messeguay gained 2 cents to 9 cents. Major gold producer Barrick, with 83,500 shares traded, slipped 63 cents to $22. The A shares of Corona dropped 4 cents to $4.95 on a volume of 251,100.

Volume leader on the week, Societe d’Exploration Miniere La Sarre, with close to 665,000 shares changing hands, continues to benefit from its drilling plans for a 10-hole program at its Manicouagan crater (formed by the impact of a meteor) project north of Baie Comeau, Que. La Sarre fell during the week by 1 cents to 26 cents.

Spirit Lake Explorations recently completed two private placements, involving shares and warrants, which raised a total of $300,00 for the company. Spirit Lake, which jumped 15 cents to 80 cents on 104,300 shares, will use a portion of the funds for a drilling program at its Edwards gold project near Wawa, Ont.

Granada gold project partners Kewagama Gold Mines and St. Genevieve Explorations entered into an option agreement with Ressources Minieres Quemex by which Quemex may earn a 50% interest in the northern half of the gold property situated south of Rouyn- Noranda, Que. Kewagama gained 9 cents to 38 cents on 10,000 shares.