Noranda increases to 21.6% its stake in Miniere Louvem

Toronto-based Noranda Minerals, a unit of Noranda (TSE), recently acquired 489,900 shares of Societe Miniere Louvem (TSE), bringing its stake in the Val d’Or, Que., company to 3.2 million shares or 21.6%.

According to the Ontario Securities Commissions’ Insider Trading Bulletin, the shares were purchased in November for $8.375-9.75.

Under an agreement, Noranda has rights of first refusal on 8.4 million Louvem shares held by St. Genevieve Resources (TSE) of Montreal. On Jan. 9, a Quebec Superior court ruled that Aur Resources (TSE) did not have the right to seize those shares after an attempt by Aur to purchase control of Louvem fell through.

Aur and Louvem are partners at the Louvicourt Twp. massive sulphide discovery east of Val d’Or where potential reserves stand at 36 million tons grading 3.11% copper and 1.34% zinc.

Other mining insiders who were active in the stock market recently include:

Cambior (TSE) President Louis Gignac exercised 4,600 warrants at $12.50. He also bought 610 shares for $15.42 to hold 7,362 common shares. Chairman Mercure Gilles exercised 1,500 rights at $12.50 to hold 2,500.

Central Crude (TSE) Secretary- Treasurer James Thompson sold 10,000 shares for $6.625 to hold 35,000.

Corona (TSE) director William Shaughnessy exercised an option to purchase 66,666 Class A shares for $7.40. He also sold 61,666 shares for $10.75 to hold 5,000 indirectly.

Deak Resources (TSE) director Patrick MacCulloch bought 7,000 Deak shares for $1.10 to hold 7,000.

Golden North Resource (TSE) director Peter Steen sold 17,400 shares for $3.50 to hold 7,600.

Malartic Hygrade Gold Mines (VSE) President Marc Henderson sold 4,000 shares for $7-7.125. He also exercised an option to purchase 5,000 shares for $5.625 to hold 4,000.