Coeur d'Alene Mines announces the acquisition of shares and options in Orion Resources NL from Homestake Mining Co.

PERTH, Australia--(BUSINESS WIRE)--Jan. 23, 1996--Coeur d'Alene Mines Corp. (NYSE: CDE) announces that it has acquired from Homestake Mining Co. its shareholding and option holding in Orion Resources NL (ASX: ORR).

Coeur is acquiring 5.5 million shares and 5.0 million options in Orion for a total consideration of A$14.5 million (US$10.6 million). When added to Coeur's existing Orion shareholdings of 3.33 million shares, Coeur will hold 13.1% of Orion's undiluted issued share capital and, upon exercise of the options, 19.2% on a fully diluted basis.

On Dec. 21, 1995, Coeur announced that it had acquired an option over 19.9% of Gasgoyne Gold Mines NL (ASX: GGM) and intended to make a takeover offer for all the issued shares in Gasgoyne. Gasgoyne is a joint venture partner with Orion in the Yilgarn Star Joint Venture.

In making the announcement today, Dennis Wheeler, chairman, president and chief executive officer of Coeur, said: "The acquisition of this interest in Orion Resources reinforces Coeur d'Alene's commitment to the Yilgarn Star region and our resolve to succeed in our takeover offer for Gasgoyne Gold Mines."

CONTACT: Coeur d'Alene Mines Corp.

Anthony R. Ebersole, 208/667-3511