Montreal Exchange New Louvem owner

An agreement-in-principle with St. Genevieve Resources will see Noranda become the majority owner of Societe Miniere Louvem, which is part-owner of the Louvicourt massive sulphide project northeast of Val d’Or, Que. St. Genevieve will retain a 21% stake in Louvem, which, for the week ended June 11, was down 75 cents to $4.63 on 47,300 shares. St. Genevieve, trading 153,400 shares, slipped a nickel to 88 cents. Resources giant Noranda was off 13 cents to $19.63 on a volume of 222,300.

Louvem indicated, in a report to shareholders, that a production startup for the project during the second half of 1994 is possible. Louvem’s project partner is Aur Resources, which closed unchanged at $3.63 on 15,300 shares.

The deal will also see Louvem transfer all of its mining properties, except the Louvicourt and Manitou properties, to Monique Exploration. A shuffle of shares will result in St. Genevieve owning more than 70% of Monique, which gained two cents on the week to 25 cents on 9,000 shares.

During the week, the market portfolio gained 10.5 points while the mining and minerals index jumped by 25.6 points. Daily trading volumes ranged between 4.8 million and 6.9 million shares. The ME reported that in May, the dollar value traded in its equity market totalled $1.4 billion, up from $1.3 billion in April.

From the Sleeping Giant gold mine property of Aurizon Mines north of Amos, Que., Cambior reported more encouraging drill results. Cambior, which gained 75 cents to $10 on 144,200 shares, is drilling from surface and underground. Trading 225,100 shares, Aurizon moved up a penny to 23 cents.

Operations at the Estrades mine in Quebec’s Casa Berardi region have been temporarily suspended by operator Breakwater Resources. Golden Group Explorations, down two cents to five cents on 1,000 shares, has an 18% carried interest in the mine.