Montreal Exchange Market takeover talk

A couple of takeover bids, one confirmed and the other a rumor, highlight activity this week on the Montreal Exchange, where the mining and minerals index has been in decline and trading in general has been moderate.

Ste Genevieve Resources, which closed up 38 cents to $6.88 on 121,200 shares, announced it is making a cash takeover offer for between 5 million and 6.6 million common shares of Sullivan Mines, which closed up 75 cents to $6.25 on a volume of 160,100 shares. Ste Genevieve is offering $6.625 per share.

And, talk on the street has it that MSV Resources, whose “A” stock closed up 20 cents to $4 on a volume of 456,300, is being courted by a buyer.

Continuing to report good gold mineralization on its Astoria property in northwestern Quebec, on both the Aw and Bw zones, is Yorbeau Resources, which closed up 8 cents to $1.10 with 1,077,500 shares changing hands. The company says the latest Aw assays include gold values in excess of one oz gold per ton.

Closing down 9 cents to $4.30 on a volume of 39,700 was Rouyn Mining Resources, which is hoping to have its Francoeur gold property, located near Rouyn, Que., in production by early next year. The company is awaiting a feasibility study on the project.

Exploration work at Chesbar Resources’ Chester Twp. gold project in northern Ontario — Chesbar is earning a 60% interest from Murgold Resources — continues to return encouraging values, the company reports. Chesbar closed up 70 cents to $3.55 on 275,500 shares.

Maufort Resources, which closed unchanged at $1.34 on a volume of 164,500, recently announced the discovery of a gold-bearing structure on the Tiblemont property east of Val d’Or, Que. Among other exploration work, a drilling program is planned for the property this summer.

Vassan Resources continues its exploration of three gold properties, including the Hummingbird project in Malartic Twp. for which a $2.1 million bu dget has been drawn up. Vassan closed up 3 cents to 36 cents on 541,200 shares.

Also active in exploration work, on its Malartic property, is J.A.G. Mines, which closed up 4 cents to 56 cents on a volume of 748,600. The company earlier this year announced that five gold-bearing pods have been partly delimited on the property.