Montreal Exchange Cambior ups offer

When Cambior Inc. decides to pursue an acquisition target, it seems there is no holding back the major Quebec gold producer.

Initially bidding $1.50 per share for between 30% and 60% of Nova- Cogesco Resources, Cambior has upped its takeover offer to $1.80 for all of the outstanding shares of the junior and now says it has an agreement with Nova-Cogesco’s largest shareholder, MSV Resources, to acquire all of its Nova-Cogesco stock. Adding some drama to the chase was the announcement by Nova-Cogesco and MSV, after Cambior’s initial offer became known, that the juniors were considering merging and consolidating their interests in various exploration projects.

Cambior, which slipped 50 to $13 on a volume of 95,700, already has a 3.9% interest in Nova- Cogesco, which traded 131,700 shares and gained 30 to $1.70. MSV dropped 35 to $1.50 on 72,000 shares.

Investors during the week seemed uncertain as to which way the market would be heading, with the result that the general index lost more than 7 pts while the mining and minerals index climbed almost 8 pts. Daily trading volumes were fairly consistent, in the 5-million-share range.

Trading of Spirit Lake Explorations was halted for most of the week pending release by the company of all drilling results and other information and completion of an investigation into the irregular trading pattern of the stock. The company is exploring a gold property in Jacobson Twp. in northern Ontario.

A deal wherby Kennco Explorations could back in for a 30% interest in gold property in Vezza Twp., south of Matagami Lake in northwestern Quebec, has been terminated, reopening the door for a new agreement with another company. Kennco could have earned its interest by reimbursing 50/50 project partners North American Rare Metals and TSE-listed Dundee- Palliser Resources. North American moved up 4 to 31 on a volume of 67,600.

Boosting its interest in Audrey Resources to about 28%, by way of a couple of private transactions involving the transfer of 850,000 shares, was Northgate Exploration, which traded 3,700 shares and slipped 13 to $6.75. Audrey jumped 30 to $2.95 with 55,700 shares changing hands.

Set to resume drilling at a polymetallic deposit in Estrades Twp. in Quebec’s Casa Berardi region is Golden Briar Mines, which closed unchanged at 9 on 69,500 shares. Golden Briar is earning a 51% interest in the project from Radisson Mining Resources through expenditures of $2 million. Radisson gained 1 to 34 , trading 20,200 shares.