Monique jumps 21 cents

Louvem’s recent annual meeting drew a fullhouse as shareholders clamored for information on the company’s massive sulphide showing in Louvicourt Twp. jointly held with Aur Resources. An ownership dispute between Aur and Louvem was the topic of the day. Aur maintains that Louvem defaulted on $40,000 worth of exploration costs on the property and should, therefore, be diluted to 25% from 50%. Louvem President Pierre Gauthier argued that the $40,000 represents cost overruns that were not approved by the joint venture committee.

Louvem announced that it entered a financing agreement with CMP 1989 Resources Partnership on June 30 to fund exploration on Louvem’s properties. CMP will make $750,000 available over the next eight months in return for Louvem common shares at a cost of $4.40 per share.

St. Genevieve Resources, an affiliate of Louvem, was also active closing at $2.10 on 805,500 shares. That was a 35 cents drop from the week before but represented a rebound from its low for the week of $1.85.

With holdings adjacent to the Louvem find, Monique Explorations attracted much investor interest. Trading almost 70,000 shares, the issue climbed 21 cents to close at 95 cents . Louvem is Monique’s majority shareholder after a recent $150,000 private placement at 20 cents per share brought its stake to 76%. The move also resulted in a management change with Louvem and St. Genevieve president Pierre Gauthier taking over. Reserves on the Monique property are 381,000 tons of 0.178 oz gold per ton probable, and a further 420,000 tons 0.18 oz possible. This fall, a drill program on the north end of the property will aim to extend these reserves. The company will probably drill to the south as well to look for a continuation of the Louvem base metal deposit, Gauthier told The Northern Miner.

VSM Explorations signed a deal with Serem-Quebec to do a further $1.7-million worth of drilling on its Grevet M property northeast of Quevillon, Que. Drilling will begin in mid-July and will try to extend the III and IV horizons which remain open at depth. Potentially economic values of zinc, copper, lead, gold and silver have been turned up by previous work on the Grevet M claims. VSM closed at 49 cents , up 3 cents .

Trading lightly and remaining unchanged at 30 cents was Augmitto Exploration. The company’s Beauchastel mine near Rouyn, Que., may soon reopen after a letter-of- intent agreement was signed with Carlton Management Inc. to purchase new equipment for the mill. Augmitto has an option to buy back the equipment, which will cost Carlton $1.5 million, after five years for a fair market price.

Abitibi Metals remained unchanged at 4 cents on a volume of 576,200 shares. Also trading heavily was Exploration Orex which dropped 4 cents on 318,600 shares.

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