Montreal Exchange: Firms in agreement

The management teams of gold- producer Louvem Mines and St. Genevieve Resources appear to have reconciled their differences, following a bid by the latter to acquire up to 4.8 million additional common shares of Louvem. St. Genevieve, which currently owns about 56.5% of Louvem’s common shares, offered $1.50 per share, a price the management of Louvem considered low. St. Genevieve, which traded 78,000 shares on the week and slipped 10 cents to $1.83, has agreed to suspend its takeover offer for at least 12 months. Louvem dropped 14 cents to $1.43 on a volume of 46,400.

The weeks’s trading saw the market portfolio and the mining and minerals index record small gains, with the daily volume ranging between 4.8 million shares and 6.6 million shares.

Announcing favorable drilling results from the Moss Twp. property in northwestern Ontario was Tandem Resources, which gained 8 cents to 53 cents with 131,300 shares changing hands. Tandem and its partner in the project, Alberta-listed Storimin Exploration, report a hole averaging 0.28 oz gold per ton over 18 ft at about 970 ft.

Drilling on the Vendome property north of Val d’Or, Que., continues to excite Val d’Or Resources and Abcourt Mines; the companies report 26 holes completed. Val d’Or closed unchanged at 70 cents on 126,300 shares, while Abcourt traded 26,200 shares and also closed unchanged, at 65 cents .

Ligneris Mineral Exploration reports encouraging results after spending $500,000 on its 1987-88 exploration program at the Desjardins property. Ligneris slipped 2 cents to 17 cents on a volume of 32,900.

In announcing the appointment of Michel Champagne as chief geologist in its listings department, the ME reported 29% of the 754 companies listed on the exchange are involved in exploration, development or production of natural resources.

Newly listed on the ME are Augyva Mining Resources, Aurochs Mining Exploration, Deux-Montagnes Exploration and Louphior Exploration.