Plans to bring the Louvicourt gold mine (Simkar deposit) near Val d’Or, Que., back into production did little to spark investor interest in joint owner Louvicourt Gold Mines. Louvicourt remained untraded at 20 cents bid, 23 cents ask for the week ended Aug. 28. Louvicourt and partner Ronrico have secured a $2.5-million loan from the Royal Bank to finance the development and operation of the mine. Investor apathy also greeted Inco Europe’s agreement to purchase a 6% stake in Explaura Holdings, a U.K-based company with a large limestone quarry in Newfoundland. Explaura shares were 55 cents bid, 70 cents ask for the week.
Planning a rights offering for its registered shareholders, Tyranex Gold remained steady at 25 cents on a volume of 19,000. Tyranex plans to use the proceeds of the offering to explore for further mineralization around the Tyranite gold mine in the Temagami area of northern Ontario.
Maude Lake Gold Mines will make changes to a flow-through offering announced in June. Shares will now be offered at 75 cents per share to provide a minimum of $600,000 and a maximum of $1.5 million.
Proceeds will be used to evaluate Maude Lake’s existing mineral deposits.
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