November 11, 2005 16:17 ET

Louvem Mines Renews its Public Bid to Purchase Shares

MONTREAL, QUEBEC--(CCNMatthews - Nov. 11, 2005) - Louvem Mines Inc. (the "Company" or "Louvem") (TSX VENTURE:LOV) announces today that the TSX Venture Exchange has accepted its notice of intention to renew its bid to purchase outstanding common shares which ends at the close of markets today. Louvem may purchase under the renewed bid up to 1,250,000 common shares of the Company, representing approximately 5% of the 25,964,689 common shares issued and outstanding on November 10, 2005.

In the opinion of management, this normal course issued bid is justified by the fact that the common shares may be undervalued from time to time in the market in regards to Louvem's financial position and future prospects. The purchase thereof by the Company is an appropriate use of its funds. Louvem has purchased 151,000 common shares at an average price of $0.44 per share within the past 12 months pursuant to its current issuer bid which expires at the close of markets today.

All the shares acquired under the bid will be purchased through the facilities of the TSX Venture Exchange in accordance with its requirements. RBC Dominion Securities Inc. in Toronto has been mandated by the Company to proceed with the transactions. Purchases may commence on November 16, 2005 and will extend to November 15, 2006. Consideration for shares purchased will be the market price for such shares at the time of the acquisition and all such acquired shares will immediately be cancelled. To the knowledge of the Company, none of its directors, officers or other insiders intends to sell shares during the term of the issuer bid.

The Company has no long-term debt and it had working capital of $2,953,149 as at September 30, 2005. Also, the Company has no hedging contracts for gold or currency.

Jean-Guy Rivard


The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of the information contained in this news release.

Contact Information

  • Louvem Mines Inc.
    Julie Normandeau
    Investor Relations
    (514) 397-1410
    (514) 397-8620 (FAX)