Battle Mountain Gold announces support for Crown Butte Resources' New World property exchange.HOUSTON--(BUSINESS WIRE)--Aug. 12, 1996--Battle Mountain Gold Company said today that it would vote its sixty percent interest in Crown Butte Butte, city, United States Butte (by  t), city (1990 pop. 33,336), seat of Silver Bow co., SW Mont.; inc. 1879. It is a trade, ranching, and industrial center. Resources, Inc. in favor of an Agreement entered into with the U.S. government that provides a framework for Crown Butte to exchange its interests in the historic New World Mining District near Yellowstone National Park Yellowstone National Park, 2,219,791 acres (899,015 hectares), the world's first national park (est. 1872), NW Wyo., extending into Montana and Idaho. It lies mainly on a broad plateau in the Rocky Mts., on the Continental Divide, c. , Montana, for government owned property interests having a value of $65 million. Battle Mountain Chairman, Karl E. Elers, stated that Battle Mountain's decision to support the exchange of Crown Butte's holdings in the New World District was made after very careful consideration and based, among other factors, on reduced economic expectations. The company's commitment is to responsible, environmentally sound mining in all aspects of its operations, he added. Ian Bayer, Battle Mountain President and Crown Butte Resources Chairman, said, "The protracted pro·tract tr.v. pro·tract·ed, pro·tract·ing, pro·tracts 1. To draw out or lengthen in time; prolong: disputants who needlessly protracted the negotiations. 2. permitting process and potential liabilities related to historic mining adversely impacts project economics, which necessitated a reevaluation of the project. The agreed upon Adj. 1. agreed upon - constituted or contracted by stipulation or agreement; "stipulatory obligations" stipulatory noncontroversial, uncontroversial - not likely to arouse controversy value of the property exchange is in keeping with the net present value attributed to the Crown Butte asset in the recently completed merger." The agreement also sets forth Crown Butte's right to complete its voluntary reclamation Reclamation A claim for the right to return or the right to demand the return of a security that has been previously accepted as a result of bad delivery or other irregularities in the delivery and settlement process. activities in the New World District. Crown Butte would set aside $22.5 million from the sale of the exchange property in an escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. account. These funds would be used for the completion of Crown Butte's efforts to reclaim historic mining disturbances at the proposed New World site. Crown Butte has also agreed to suspend the permitting process pending completion of the property exchange. The completion of the land exchange will also result in the settlement of an outstanding citizen law suit brought under provisions of the Clean Water Act in respect of discharges occurring from historic mining operations. The agreement contains a number of conditions including the necessity of approval of the Crown Butte shareholders. Hemlo Gold Mines Inc. of Toronto merged with Battle Mountain Gold Company of Houston on July 19 of this year, bringing its majority ownership of Crown Butte Resources into the merged company. Crown Butte's principal asset consists of the New World Property. Battle Mountain Gold has operating mines in five countries and on three continents. Attributable gold production in 1996 is expected to be approximately 1 million ounces, from eight mines in North and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. , and in Australia. Exploration is conducted in the Americas, Africa and the Western Pacific. CONTACT: Battle Mountain Gold, Houston Les Van Dyke Van Dyke (or van/Van Dijk or Dyk etc) is a surname of Dutch origin. It refers to:
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