Montreal Exchange Elder bulk sample

Commencement of a $7.8-million program to remove a bulk sample from the Elder gold project near Rouyn-Noranda, Que., has been announced by partners Aunore Resources, which closed unchanged at 95 cents on 48,100 shares, and tse- listed Nova Beaucage Mines. To extract the bulk sample, a further 6,000 ft of drifting will be required. The partners (Aunore 65%, Nova Beaucage 35%) also plan more surface and underground drilling on the property.

Light-to-moderate trading this week on the Montreal Exchange resulted in a gain for both the general and mining-minerals indices.

Latest development in the bid by St. Genevieve Resources to increase its holding in Louvem Mines saw the latter releasing the results of a report which concludes that Louvem’s market value per share lies in the $2.40-$2.72 range. St. Genevieve, with a 56.5% interest in Louvem, has offered $1.50 per share in the hope of acquiring up to another 33% of the gold producer’s common shares. St. Genevieve slipped 13 cents to $2.03 on a volume of 150,400, while Louvem climbed 13 cents to $1.65 with 138,900 shares changing hands.

Messeguay Mines is excited by a 64-ft section grading 0.13 oz gold per ton from a hole drilled on the Launay/Privat property at Rouyn- Noranda. Messeguay traded 400,300 shares and gained 1 cents to 49 cents .

And at the Vezza property, located 15 miles south of Matagami, Que., equal partners North American Rare Metals and tse-listed Dundee-Palliser Resources report encouraging drill results. North American moved down 3 cents to 55 cents on 29,100 shares.

Drilling results from property belonging to coats-listed Exxeter Resources in northwestern Quebec confirming the extension, in depth, of a mineralized zone, have been announced by Exxeter and sister companies Oz Exploration and Norwood Exploration. Oz shares gained 4 cents to 24 cents with 45,400 shares cha nging hands, while Norwood slipped 1 cents to 28 cents on a volume of 6,000 shares.

Newly listed on the me is La Sarre Mining Exploration.