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CIBC TO SERVE AS ADMINISTRATIVE AND MANAGING AGENT IN $150 MILLION CROSS-BORDER CREDIT ARRANGEMENT FOR HOMESTAKE MINING COMPANY

 NEW YORK, June 23 /PRNewswire/ -- Canadian Imperial Bank of Commerce (CIBC)announced today that it will serve as administrative and managing agent in a $150 million United States/Canada cross-border credit arrangement for Homestake Mining Company (NYSE: HM), a San Francisco-based international gold mining company.
 The financing, which will be syndicated to U.S. and non-U.S. banks, has been jointly underwritten by CIBC and the Bank of Nova Scotia.
 Under the terms of the agreement, the financing will consist of a $125 million, U.S. and Canadian currency, five-year revolver to Homestake and a $25 million, five-year term loan to its subsidiary, Homestake Canada Inc. The funds will be used by Homestake to assist with the refinancing of debt that was assumed in its 1992 acquisition of International Corona Corporation, a Vancouver-based gold mining company, and for general corporate purposes.
 The International Corona acquisition, the largest in Homestake's 116-year history, provided the company with low-cost gold production and more than 5 million ounces of reserves, in addition to the Eskay Creek gold development property in British Columbia.
 Homestake, which has its common stock listed on the New York Stock Exchange, the Toronto Stock Exchange and the Basel, Geneva and Zurich stock exchanges in Switzerland, has gold interests in the United States, Canada, Australia, Chile and Mexico. It has assets of (U.S.) $1.1 billion as of March 31, 1993, and has 2,224 employees.
 One of the seven largest banks in North America, CIBC has assets of (U.S.) $108.6 billion and has a staff of 48,000. It has offices in 23 countries and a U.S. headquarters in New York City. Other CIBC offices in this country are located in Atlanta, Chicago, Houston, Los Angeles and San Francisco.
 -0- 6/23/93
 /CONTACT: Robert S. Cole, corporate communications USA of Canadian Imperial Bank of Commerce, 212-856-4030/
 (HM)


CO: Canadian Imperial Bank of Commerce; Homestake Mining Company ST: California IN: FIN MNG SU:

SH -- NY037 -- 4965 06/23/93 11:14 EDT
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Publication:PR Newswire
Date:Jun 23, 1993
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