MSV Resources says it intends to bring its wholly-owned Eastmain gold project in northern Quebec into production, based on the results of a feasibility study which estimates proven and probable reserves to be 952,000 oz grading 0.35 oz gold per ton. MSV, which slipped 4 cents to 75 cents on 18,000 shares, says it will have to raise $40 million to cover the development costs. MSV recently bought out project partner Placer Dome, which traded 324,300 shares while declining $1 to $14.75.
Reporting default of a gold payment of 1,440 oz was Louvem Mines, which intends to seek some relief from its gold warrant holders. The company recently concluded a deal with Cambior Inc. for the sale of a 50% interest in Louvem’s Chimo mine near Val d’Or, Que. Cambior moved down 88 cents to $12.63 on a volume of 93,200. Trading in the shares of Louvem remains suspended over results obtained from a tailings recovery project.
Among the week’s volume leaders was Vassan Inc., which has been drilling on gold property near Val d’Or, north of the old Siscoe mine. Vassan closed unchanged at 6 cents with 219,600 shares changing hands.
Near Rouyn-Noranda, Que., at the Donalda gold project, Minnova Inc. and Syngold Exploration expect to start on a feasibility study this year, after the current underground program is wrapped up in August. Trading 400 shares, Minnova slipped 38 cents to $20.13, while Syngold traded 40,700 shares and fell 2 cents to 52 cents .
Sphinx Mining, which dropped 8 cents to $1.50 on a volume of 100,500, reports it is encouraged by the results of a 164-hole drilling program, to a maximum depth of about 100 ft, at its Duvay property in northwestern Quebec. Testing of a 55-ton bulk sample is planned for the summer.
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