An agreement has been worked out between Louvem Inc. and Perron Mines whereby Perron will acquire a 50% interest in the Pascalis-North property and part of the Beaufort property by spending $7 million on exploration work over a 3-year period.
Under the agreement, which is subject to the approval of the Montreal Exchange, Perron becomes the operator of the Pascalis-North project.
In other news, Louvem and its mill workers, members of Local 4653 of the United Steelworkers of America, signed a new collective agreement in advance of the expiration (May 30) of the old contract. The one-year contract calls for a 4% increase in total wage benefits.
Louvem now has a subsidiary, Exploration Monicor, to perform its exploration and development work.
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