Noranda completes Louvem share deal

As far as possible, proceeds of the transaction will be used to incur Canadian Exploration Expenditures which will be renounced to Noranda. Canadian Explorati on Incentive Program grants will be shared equally by Noranda and Louvem.

St. Genevieve has given Noranda the option to purchase 5% of Louvem’s outstanding common shares from St. Genevieve at prices ranging from $8. 10 to $10 per sha re. Noranda also has the right of first refusal on common shares of Louvem held by St. Genevieve and management of Louvem and St. Genevieve.

With the closing of the purchase by Noranda of 800,000 Louvem common shares, Noranda holds a 11.2% of the company’s outstanding common shares. Louve m is a 56% owned subsidiary of St. Genevieve Resources.

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