Montreal Exchange Legal complications

Aur claims St. Genevieve had agreed to sell control of Louvem to Aur. Also named in the suit is Cambior Inc. In other legal proceedings, Aur and Louvem are fighting over their property interests in the massive sulphide discovery; Aur claims Louvem is not entitled to a 50% interest. Trading 174,200 shares on the week, Aur slipped 38 cents to $9.75, while Louvem traded 361,100 shares and dropped $1.62 to $5.50. St. Genevieve fell 60 cents on the week to $1.92 on a volume of 299,600, while Cambior was down 25 cents to $13.63 with 37,000 shares changing hands.

ME trading benefitted at the start of the week from a computer failure in Toronto. During the 3-hour shutdown, brokers took advantage of the facilities in Montreal (and New York) to place their orders. Volume on the ME that day shot up to 14.3 million shares; during the rest of the week the daily volume ranged between 5.5 million and 6.9 million shares. Both the market portfolio and mining and minerals index suffered losses on the week, the former almost 37 pts and the latter about 8.5 pts.

Exploration Orex is in the market for financing to place its Goldboro gold prospect in Nova Scotia in production next year. A public offering of $6 million is planned. The company also hopes to borrow an additional $10 million to construct a mill and install tailings ponds. Trading 953,000 shares, Orex slipped 60 cents to $1.89.

Heavy trader Abitibi Metals Mines is planning a 15-for-1 share consolidation and a name change. The company, which dropped 1 cents to 7 cents on 349,000 shares, has about 28.4 million shares outstanding. The proposed new corporate name is Concord Exploration.

Radisson Mining Resources has filed a rights offering in Quebec and Manitoba in hopes of raising up to $3.4 million. The company, which dropped 5 cents to 48 cents on 78,700 shares, plans to use the funds for further exploration and development of its Duquesne gold property.

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