Montreal Exchange Francoeur set to go

More good news from northwestern Quebec. Project manager Rouyn Mining Resources announces completion of a 25,000-ton bulk sample from the Francoeur property located est of Rouyn-Noranda averaging 0.19 oz gold per ton, and the commencement in July of small-scale production above the 1,450-ft level using the No 6 shaft. Rouyn jumped 40 cents to $4.25 on 54,800 shares, while the comp any’s 50% partner in the project, Lac Minerals, gained $1.75 to $15.63 on a volume of 136,700. The companies are expecting big things from the project, where known reserves stand at an estimated 3 million tons grading 0.21 oz.

In all, it was a much more buoyant week on the Montreal Exchange, with the trading volume one day reaching 8.2 million shares and both the market portfolio and mining and minerals index closing ahead of last week. (The latter index jumped almost 120 pts on the week.)

Announcing a property option deal with TSE-listed Kerr Addison Mines was Noveder Inc., formerly Eider Resources, which traded 265,000 shares and moved up 3 cents to 12 cents . Kerr must spend a total of $7 million by June 1, 1994, to earn a 50% interest in the Rouyn-Beauchastel property in the Rouyn- Noranda area.

Freewest Resources has entered into an option agreement with Mingold Resources whereby the latter may earn a 51% interest in 25 Benoit Twp. claims by funding a 25,000-ft drilling program in addition to making payments totalling $45,000. Freewest, which recently acquired the northwestern Quebec claims, gained 5 cents to 70 cents with 8,800 shares changing hands.

Making an offer to its shareholders involving rights to purchase additional shares was Armistice Resources, which moved up 5 cents to 85 cents on 176,500 shares. Armistice has started a deep exploration program on gold property in the Kirkland Lake, Ont., area.

Stratmin Inc., a partner in the Fontana gold project in northwestern Quebec and actively exploring a graphite property north of Montreal, was among the week’s trading leaders, climbing 15 cents to $1.24 with 445,900 shares changing hands.