Montreal Exchange Trading volumes off

Whether or not the hot weather of late has made investors sluggish remains to be proved, but the stock market could use an injection of something to get it moving. In Montreal this past week, light trading volumes prevailed (dipping as low as 1.3 million shares one day), with the mining and minerals index falling slightly and the market portfolio showing a small gain of almost 7 pts.

At the Lac Shortt gold mine in northwestern Quebec, operator Minnova Inc. reports it plans to proceed with a $20 million capital expenditure program to develop the mine between the 500 m and 900 m level. Minnova, which recently organized an official opening for its Winston Lake zinc mine in northern Ontario, traded 2,100 shares and slipped 25 cents to $22.25.

Underground drifting at the Chester Twp. gold property in northern Ontario, where a ramp has been completed to the 500-ft level, continues to turn up significant gold values, Chesbar Resources and TSE-listed Murgold Resources report. Drifting at the 400-ft level has confirmed the strong downward continuity of the No 3 vein system, the companies say. Chesbar moved up 4 cents to 80 cents on a volume of 4,000.

In New Brunswick, Cambior Inc., which dropped 25 cents to $15.63 with 40,800 shares changing hands, is negotiating an option agreement with Gordex Minerals to fund exploration work on the latter’s Northeast zone of the Cape Spencer property near St. John, to earn a 55% interest in the zone. Gordex traded 3,800 shares, falling 14 cents to $1.10.

Gearing up for an underground exploration program at property in Vezza Twp. in northwestern Quebec are North American Rare Metals and TSE-listed Dundee-Palliser Resources. North American dropped 4 cents to 65 cents on a volume of 14,600. Reportedly having made an offer to finance the $12 million program was Agnico-Eagle Mines, which closed unchanged at $16.75 on 25,000 shares. Agnico is seeking a 50% interest in the project.

Newly listed on the ME are the A shares of Montigny Mineral Resources.