MSV buys shares in Nova-Cogesco

Recently increasing its interest in Nova-Cogesco Resources (TSE) to about 25%, on a fully diluted basis, was MSV Resources (ME). The latter is buying 690,000 shares of Nova-Cogesco at $1.75 per share, subject to regulatory approval.

In other news, Nova-Cogesco reports encouraging results from the Urban property located about nine miles west of Lake Rouleau, in the Chibougamau area of Quebec. Forty-two holes were drilled during an exploration program completed at the end of February.

The company says some of the known gold-bearing structures have been extended; two new structures were traced over more than half a mile. Among the better intersections: hole 87-13, 0.17 oz gold per ton over 5 ft; hole 87-15, 0.38 oz over 7.5 ft; and hole 87-37, 0.17 oz over 4.5 ft.

The company says it spent more than $1 million during its 1987-88 exploration campaign and has acquired a 50% interest in the property from Urbana Corp. (COATS).