Noranda sells Louvem shares to St. Genevieve

Noranda Minerals, a unit of Noranda (TSE), has sold its control block of 11.5 million shares of Louvem Mines (TSE) to Montreal-based junior St. Genevieve Resources (TSE) for $1.7 million (15 cents per share).

Louvem’s principal asset is a portfolio of Quebec gold and base metal exploration properties. Late in 1992, Louvem’s 45% interest in the Louvicourt base metal deposit near Val d’Or, Que., was spun off into a new company, Novicourt (TSE) which is 57% controlled by Noranda.

The sale, which has yet to be approved by regulators, was to have closed in late April.