Montreal Exchange: Offer reconsidered

Having second thoughts about its proposed offer to buy all of the outstanding shares of Louvem Mines it does not already own is St. Genevieve Resources of Montreal. The company, which currently owns about 56% of Louvem, says it will announce March 11 its intention with respect to the offer. St. Genevieve slipped 2 cents to $2.12 on the week on 317,800 shares, while Louvem stock gained 34 cents to $1.60 on a volume of 157,900.

Trading results on the me continue their forward motion, with both the market portfolio and the mining and minerals index closing up on the week.

Encouraged by the results of a 100-ton bulk sample taken from the Fontana property near Amos, Que., in which the grade averaged 0.17 oz gold per ton, are Jilbey Industries, Stratmin Inc. and Alberta-listed Bay Resources and Services. A 90% recovery rate is indicated. Jilbey closed unchanged at $2 on 18,300 shares, with Stratmin closing the week at 96 cents .

Audrey Resources reports it is negotiating a private placement to finance a new 1,000-ton-per-day mill for its producing polymetallic Mobrun project near Rouyn-Noranda, Que. The project is a joint- venture operation between operator Audrey, whose shares climbed 60 cents to $2.90 on a volume of 49,300, and Minnova Inc., which slipped 50 cents on the week to $17.75 with 2,000 shares changing hands.

Nearing the feasibility study stage at the Rand Malartic gold project in Fourniere Twp. are tse- listed nsr Resources and Nova- Cogesco Resources, which jumped 20 cents to $1.65 on a volume of 11,200. A 5,000-ton bulk sample is planned for May.

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 3 cents to 16 cents on a volume of 5,000, while Norwood jumped 7 cents to 25 cents , also on 5,000 shares.

Spirit Lake Explorations, which closed the week at $3.40 and which is awaiting full assay results from a phase-one drilling program on its Jacobson Twp. property in northern Ontario, reports there is no material change in the company’s affairs that would explain the recent market activity in its stock.

Newly listed on the me is La Sarre Exploration. FOR CAMINDEX Camindex in arrears at Valdez Creek project