Noranda Minerals, a unit of Noranda (TSE), has increased its stake in the Louvicourt Twp. massive sulphide discovery by purchasing an additional 20,000 shares of Societe Miniere Louvem (TSE). Louvem is suing partner Aur Resources (TSE) for control of the Val d’Or, Que., property where potential reserves stand at 36 million tons grading 3.11% copper and 1.34% zinc.
The shares, when added to the 210,000 common shares already purchased by Noranda on the Toronto and Montreal exchanges, bring Noranda’s stake in Louvem up to 3,324,000 common shares representing a 19.7% interest.
As well, Noranda says it has exercised an option to purchase an additional 400,000 shares which has increased its stake in Louvem to 3,724,000 common shares or a 21.6% interest.
According to Noranda, the shares were bought for investment purposes and it may buy more.
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